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| I’m budgeted for $3 corn.....and I don’t own a feedlot. You say we aren’t running out of corn. According to the USDA, that is a correct statement. Their track record is a little shady at the time being. But according to real life fundamentals, there is a serious concern of running out of corn. Basis levels and end user demand tells the story. Ethanol margins are high, even at these prices. Hog margins are high, poultry demand/margins are high. Exports are record high.
Go try to source 500k bushels for July/August and let us know if you can get it. Throw in a little weather hiccup (which we are already slightly seeing in the 21 crop) and this thing is a powder keg | |
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Cz21 and cz22
