[Listen] Gordy Ag Market Recap Corn Limit Up
Earlier this winter beans were leading the grains higher. All the excitement was in the bean market. Corn was following along slowly working higher. Now the last few weeks all the excitement is in the corn market. Corn has closed higher about 8 days in a row and 2 of those days corn was locked limit higher. There were no deliveries against the May contract and basis levels all across the Midwest are very firm. In many areas the cash bid is actually over futures.
The cash corn market sure seems to indicate the USDA may have over estimated corn stocks and the projected corn carryover. Then the second crop of corn in Brazil is in question with hot and dry conditions. The corn was planted much later than normal and that means it is in the reproductive phase during the dry season. Finally our corn crop in the United States is just being planted. There is a lot that can happen between now and this fall. Listen to Gordy talk about the grain and livestock markets last week.