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.
