The 2015 corn crop is getting planted!
According to the May 4, 2015 Crop Progress report, the 2015 corn crop is 55% done compared to 19% last week and above the 38% 5-yr average. Yes, this crop will get planted and all concerns will go back to huge supplies and weather.
SOURCE: CBOT PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS.
Without a weather scare or an increase in demand, there is no reason for the corn market to move higher and there is the potential to see a low around the $3.18 level. It all depends on how soon the producer will begin to sell old crop corn. Honestly there is nothing good to say about corn. It is all about the time needed to work through the large on farm storage. If weather continues favorable to corn and we see continued rains when needed, one could anticipate another good crop with the next line of support at the $2.966 level.
There is no easy way to market this year’s crop. For those who have already sold, it is a question of holding or adding value to the production and for those with no cash sales it is a matter of waiting till harvest or March of next year and using the markets to put a floor in the market. If you would like to discuss marketing strategies, give us a call at (765) 376-4476 or email me at [email protected].
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