The Rural Voice, 2002-07, Page 47(AL-mAR)
i
acreage on June 28 and it is expected
that they will lower corn• acres once
again and increase soybean acres.
I think this uncertainty regarding
acres along with potential of hot
weather will keep future prices from
dropping below recent lows. Only
events detrimental to crop
development will push prices out of
the current ranges. We will have a
pretty good idea by mid-July how
well crops are developing.
Corn yields will be critical this
year given the late start and
unplanted acres. The futures market
deals with "what ifs" and analysts
start months in advance of a crop
year trying to project what will, or
can, happen in the future. When we
go through a planting season similar
to this spring, traders begin to sit up
and take notice and instead of selling
bulges in futures, they begin to buy
dips. We have already seen the big
funds reverse their positions. Quite
often we need to ask the question —
"What will make prices go higher?"
Now we can ask — "What factors will
push prices down?" and keep a close
eye on those factors.
My gut instinct. is somewhat
friendly towards prices but not
outright bullish. I think there will be
opportunities to lock in better prices
even if we do not get into a bull
market.0
Enjoy the
Couiitry Lif ost ie
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JULY 2002 43