Posted 4/5/2021 10:23 (#8934876 - in reply to #8934847) Subject: RE: What’s up with old crop corn?
It looks like traders were expecting to see a larger acre number and are unwinding a spread from before the report.
They feel they have enough corn to get to September. If there is a dry spell or something unexpected the spread inverse could completely unwind. Could see Dec and July get close together.
Aug Sept Corn in Dalhart is trading 167 over Sept right now. Technically speaking. Pay attention to the front end of harvest. Early corn harvested in September may be over a dollar positive. The inverse wont unwind overnight. Right now there looks like very little reason to store corn but that could all change.