The commodities king played with greatness this week as decisions to like it or leave it saw prices drop on Tuesday and then a locked limit on Thursday. (The exchange restricts the amount that prices can move on a daily basis in an attempt to reduce extreme price changes). Continuous shipments to China, increased demand for ethanol and feed, drought concerns and our farmers’ reluctance to sell have merged to reverse the downward spiral of corn into a virtual explosion. on the rise Thursday.
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The new maize crop is being sold at an almost record rate, with demand coming from all sectors, especially for livestock and poultry feed. The USDA will release its first estimate of the 2021 crop rating next week, which will switch eyes between that data and weather maps. The price of a bushel of corn for July delivery was $ 6.55 Friday noon, while December’s new crop corn sold for $ 5.45, down a shadow from last Friday .
Maize requires much greater amounts of rain than other crops, and the rain must come at specific times or large drops in yields will occur. As 90 percent of the crop is planted, the shoots and newly emerging leaves must have constant moisture. Too much rain will also cause problems, but current fears center on the drought monitor. The most critical pollination period will be in early July, when the development of the nucleus silk and ovum will be extremely water dependent. Weather conditions during this period could have a profound impact on crop size and prices.