December 2000 corn futures set new life of contract lows this week. Probably most of us feel the same way.
Rain makes grain.
Recent market action illustrates how market participants believe that saying. Rainfall, especially in dry areas, has eased drought concerns. The corn crop was planted early and, with recent rains, many believe it now has the potential for very good or possibly record yields. This suggests that prices could go still lower, especially if yield prospects continue to grow. Harvest is months away and subsoils are still dry in much of the southern Corn Belt and in the South.