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Corn Prices Headed for Record Highs as Crop Shrinks
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Corn Prices Headed for Record Highs as Crop Shrinks

  #1 (permalink)
LA, California, USA
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL,ES mainly
Victory Trader's Avatar
Posts: 530 since Sep 2011

Corn Prices Headed for Record Highs as Crop Shrinks

Corn futures are heading to record highs on reports of wider crop devastation, and as forecasts show continued hot, dry weather threatening even more of this year’s crop.

The latest U.S. Department of Agriculture data shows that just 31 percent of the corn crop is in good to excellent shape, a sharp drop from the 40 percent level last week.

Soybean conditions also declined to 34 percent from 40 percent last week, but the soybean crop, unlike corn, still has time to recover. (Track commodities here)

“We feel we should get back to $8. Our numbers with our sharply adjusted demand imply only $7.90 for December corn, but we do feel trade enthusiasm in the next couple of weeks will push it up above $8,” said Rich Nelson, director of research at Allendale.

News Headlines
There are a couple of critical facts this article refuses to address, and here they are.

1. An estimated 60% of the US corn production is genetically modified. - How much corn in the US is genetically modified? | ChaCha

2. The U.S. Department of Agriculture 's (USDA) Animal and Plant Health Inspection Service (APHIS) does not even pretend to legitimately evaluate genetically-modified organisms (GMO) before approving them anymore, having recently green-lighted approval for a new variety of "drought-resistant"GM corn produced by Monsanto that admittedly grows no better under drought conditions than natural varieties do. - Transgenico Maiz Drought Resistent Failure Approved USDA 20mar12

But what happens if the GMO corn crops perform actually worse than non-GMO crops in hot weather? We've had heat waves before in this country in the most fertile agricultural land here in the US without this degree of devastation.

I have got to wonder just how much Monsanto contributed to Obama's 08 election, and how much they are contributing (overtly or covertly) to his 2012 election campaign.

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