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Weekly Farm Price
Outlook
CORN
Look for corn prices to continue close to present levels for the next two or three weeks. There probably will be very little gain until after mid-May.
If you are wondering whether to sign up under the new government grain program, here are a few sidelights you may have missed.
If you want a price support loan on your corn, you will have to have approved farm storage until at least next April, maybe until June. With Virginia support at about $1.31, this might be the year to build it. You can even apply for a loan to help build it.
In figuring, “remember that the government will do everything it can to hold cash com prices low, maybe as low as $1 to $1.05. Big question is, can they do it, with sales from government storage limited to the equivalent of signup acreage plus “out-of-condition” grain. Apparently the government thinks it can, but the corn futures market indicates the trade thinks next year’s cadi com will be higher.
Remember if you sign up to divert, you can’t harvest any crop or graze livestock on the diverted acres. You can plant a crop for harvest next year.
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