Corn Market Dropping - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Corn Market Dropping

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The corn market has taken a hard hit in the past year.
The price has dropped roughly 3 dollars per bushel from last year at this time.
Reporter Sarah Gustin has the story.

Many producers are wondering if and when the corn price will make a come back or if these low prices are here to stay.
(Eugene Graner / Heartland Investor Services) "The corn market is nothing new in what is happening. It's sliding in the prospects of harvest. We have a crop that even if it was a short drought year, it doesn't matter. The corn is arriving, so the first stuff that arrives is always void of buyers."
A 2012 drought in the corn belt caused prices to escalate to more than 8 dollars a bushel.
Now that the dry times are over, prices are falling.
Currently the cash corn price is hovering around a mere 4 dollars a bushel.
(Eugene Graner / Heartland Investor Services) "I think corn futures are probably within a dime of trying to bottom out right now. They are double bottoming with their August lows. The prospects of grain rallying from here is not exciting, but it's a basis and a carry improvement as we go forward for the next 4-5 months which could bring in 40-50 cents of a price improvement. "
(Tom Lilja / ND Corn Growers Association) "It just comes to a good crop that we have in the U.S. we had a cooler than average summer and when we have a cooler than average summers we generally get big corn crops."
Graner says the October crop report could be good news for not only the corn market, but the other commodities on the board as well.
(Eugene Graner / Heartland Investor Services)"The wild card that could improve corn prices substantially will be the October crop report where the soybean yield will be closely looked at. If that comes in at 40 bushel or lower you are going to see soybean futures back north of 14 dollars and higher soybean prices via protein are going to pull corn back up, and that is going to pull wheat futures higher as well." 

Tom Lilja with the North Dakota Corn Growers says historically the corn price stayed at about 2 dollars.
He says the ethanol industry has helped to more than double that price.

 

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