1-6 IAN Corn Prices
A little knowledge can be dangerous.
Having filled in for KayDee Gilkey for one week as a market line reporter, I talked a lot about commodities. Now I'm on it. This will be of interest to a lot of you guys out there in Idaho who are growing tons of corn. Listen up. Commodity traders in Chicago are looking for reasons to move the corn market - especially for the coming crop. There's little that can be discerned at this point - but that has not stopped them from predicting how many acres of corn will be planted next spring. Some are saying a record number of acres will be planted. Agricultural economist Darrell Goode: "We start with the idea that there were a lot of fun planted acres in 2013 so that under normal conditions, total crop acreage should go up next year and then the question for many of us is how will that be divided between corn and soybeans and we are beginning to hear a few more reports of farmers thinking they will plant fewer corn acres next year. It is really hard to gauge the magnitude of that just based on anecdotal reports."
It is pretty early tell and frankly the end of March USDA report on the subject is just a best guess. it is easier to consider the pricing structure of the marketplace. Old crop corn has been in a sideways pattern for a couple of months and this is persistent says Darrell Goode and he wouldn't be surprised for that to happen for the first couple of months of 2014. "We started looking for something that surprise the market and you really wonder if there's anything before spring that could surprise the market."
