Many factors now in play for price discovery with even a whole growing season still ahead.
U. of IL. Ag Econ stated:
5 mil. less corn acres with 170 BPA = 1.528 corn carry
10 mil less corn acres with 170 yield = 1.278
What IF yields are below 170?
Farmers are going to try to plant more acres in June than we have seen before.
$4.50 corn seems to be indicating plant as long as you can and try NOT to use PP acres.
5% tariff on MX. (yet to be seen soon)
Number of PP acres
30%-35% acres still need to be planted???
Yields trending down
Market trending up
Monthly chart 2 Highs are Res: levels
High on 6/16 at 439.25
High on 7/15 at 443.25
There are some gaps that might get filled on the down side but seem the markets will have support imho on breaks.
MHO looking for 477-487 Highs IF growing season does not come back to normal and that’s a BIG IF.
My son is back at U. of Chi. Hospital and will have surgery again on Mon. 3rd. So I will be going back and forth each day this week. Will try to keep up with markets.