Corn growers have been in a bind lately with a lot of the old crop still in storage. However, new balance sheets shows more usage, and it is a move ag economists say will help offset some of their larger harvest they are preparing for this season.
“It hasn’t changed the underlying story but has now created the opportunity that if we see a weather scare, we could see, I’m going to call it a 50 to 70 cent rally in the corn market. That’s if a weather event were to transpire. This has allowed the market some breathing room to move higher,” said University of Missouri Extension Agricultural Economist Ben Brown.
In less than a month, producers will get their first look at the size of this year’s corn crop. USDA’s Crop Production report estimates will be released on August 12th.
