Wednesday, April 30, 2008

Agora's Kevin Kerr still likes corn in '08

From Agora's 5 Min Forecast - Kerr sees corn north of $7 in '08. I know, yet another post about plantings behind schedule.

Also worth noting - as long as I've been following Kerr (~3 years), his calls on corn prices have been spot-on.

Corn futures, on the other hand, are still on the rise. Now over $6 a bushel, corn is just a breath away from passing its record high from a few weeks ago.

Corn’s trip to $6 comes on the heels of the latest USDA planting progress report. According to the government, U.S. corn farmers have planted 10% of their 2008 corn crop as of this week… far behind the five-year average of 35% and trade estimates of 15-19%.

Kevin Kerr left the Midwest with the impression the median price for corn in 2008 would be $7.50… a buck fifty higher than today.

2 comments:

  1. Heem10:00 PM

    Did you sell out of your rice position?

    Lean Hogs have been in an up trend since the first of the month. If the contract pull under 73 I think it could be a good spot to go long. Bullish fundamentals are based lessening hog imports from canada and higher exports to asia.

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  2. Brett Owens8:45 AM

    I did, I got stopped out at around 23.45, just below my 23.50 stop.

    I also had a fortunate accident - my trading account did not show the cover, so I sold again, and ended up with a short position. This didn't show up until yesterday morning - but I was lucky enough to be short during the big drop yesterday, and I covered the short at night during the Asia session.

    It's better to be lucky than good, I guess.

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