Magazine article Modern Trader

Creamed Corn

Magazine article Modern Trader

Creamed Corn

Article excerpt

Corn was already in a downward correction when the USDA planting intention report, released in March, indicated a planting intention of 90 million acres, a 12 million acre increase over last year, causing a limit down move.

"If they haven't installed the roller coaster tracks and the mechanical bull, they will," says David M. Fiala, president and chief analyst at Futures One. He notes that corn has since filled the gap and that it's now a weather trade. He expects corn at $4.10 per bu., unless cool wet weather drives it up to $4.50 or higher. "We have to get this crop in the ground," adding that farmers can lose a bushel or two per acre per day that they wait beyond the second week of May to plant. If planting goes well, it could trade down to $3.40, but there is a 60% chance that the low is in, he says.

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Despite the spike in planting intentions, most analysts are still bullish corn. …

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