Talk about your classic kick in the gut — the corn market last week delivered a punch strong enough to bring down the biggest bull. Hopes were raised and just as quickly dashed, all within the span of a week.
First, let's learn from the experience. In last week's copy I cited the $3.75 December futures gap as "likely all we can hope for right now — if that." Futures hit that level briefly, but only for those with orders in the market with a broker or elevator. These days, even with smart phones and tweets, there's little time to dilly-dally around debating whether or not to sell. While we may very well see those targets hit again, the brief nature of the rally confirms my research that the most profitable farms pick price targets and implement them with sell orders placed in advance.
The other take away from this week should be the desire to investigate fully the ACRE farm program. Our surveys show only 15% of producers signing up — and the deadline is Friday. There's still time to check it out, at least for land you own, though getting landlords' approvals may be difficult at this late date.
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