Optimism in Corn Futures

Bottom Line grain analysts suggest keeping an eye on corn futures, a rally back above $5 from just two weeks ago. December corn reached a 52-week high, $5.06 and a half on May 13th, and quickly backed off toward the $4.80 level, good planning progress, favorable weather in most major areas, and continued uncertainty on any resolution with Iran.

Bottom Line analysts say those factors still exist, but several supply-side items create new optimism. Daily ethanol production recently exceeded 1.1 million barrels a day, highest weekly level since mid-May 2019. Export sales in a recent report nearly 84 million bushels, a 17-week high.

And finally, last Friday’s monthly Cattle on Feed report showing increased numbers, increased placements, first time in over two years.

Audio Reporting by Mark Oppold for Southeast AgNet.