Posted by kyhayman on May 17, 2011 at 07:13:37 from (99.197.64.56):
In Reply to: price out corn now ? posted by j heikemper on May 17, 2011 at 06:25:03:
I think its way over priced. Hot money flowing around looking for a home. The corn price is being driven by oil prices, which are trending down. End users, other than ethanol right now cant pencil out feeding corn, even with record high cattle prices. With the cattle herd record small, thats going to support beef prices. Class III milk futures were below 18 two months out and front month down in the 16"s. At todays corn prices thats pushing a lot of guys at the cost of production.
I"d have locked, or would lock on any rally I could find every bushel that you can insure. If you want protection against an explosive break out on the upside buy out of the money options.
There have been way more years when corn sold for less than 3.00 a bushel than years it sold for over 5.00.
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