Tomm Pfitzenmaier: Are There Marketing Options Left for Corn?

Excess old crop supplies of corn need to be moved before a record crop is harvested. Tomm Pfitzenmaier of Summit Commodity Brokerage shares some options.

With corn just off of new contract lows for both old and new crop what options do producers have heading into the glut of harvest in just a few weeks?

Tomm Pfitzenmaier of Summit Commodity Brokerage says there is still a great deal of old crop corn inventory farmers need to move out of on farm storage.

“You are in a downtrend in the corn market and the faster you sell the better off you are. I know a lot of people are setting on old crop corn hoping that something is going to happen that will make that prices better and I don’t know what it is,” he says.

Every five cent rally seems to bring more farmer selling and that is going to have a basis consequence in the next month or so.

He says very few farmers have made new crop sales and they look like they are going to wait and see what develops over the winter in the hope for higher prices.

AgWeb-Logo crop
Related Stories
In their first on-camera interview since admitting a processing error in the September USDA Crop Report data, officials clarified that the mistake was a computer weighting issue.
Dave Chatterton with Strategic Farm Marketing says the markets needs a catalyst like South American weather or demand to find a bottom.
Scott Varilek with Kooima Kooima Varilek says the outside market news has been a factor in cattle but the main catalyst for the selling has been sharply lower cash trade which started breaking early in the week.
Read Next
Farmers rate their local FSA office well but give USDA crop data low marks, and they have ideas for closing the gap.
Get News Daily
Get Market Alerts
Get News & Markets App