By Jon Scheve, Superior Feed Ingredients, LLC
Watching the corn market slide the last three weeks has been painful for producers. However, it feels a little too early for the corn market to pull back this much this fast. It seems possible the corn market could turn around like beans did in the fall.
Last September when beans were trading around $13.80, the trade was suggesting the U.S. bean export program may be in trouble due to low water levels and a slow export pace. Many market participants thought that beans would trade in a $13.50 to $14.50 range going forward because of concerns over Brazil’s large upcoming bean crop that could potentially make meeting USDA export estimates at the time more difficult.
Two months later, Brazil was still on track to raise a record crop, and despite dry conditions in Argentina, it was still likely South America’s production would hit a new record. Many… Continue readingRead More »