Well, everyone breathe easier this year – because just about every piece of media is out today regurgitating the USDA results saying the 97 million acres of Corn planted this season is more than any time since 1936. Now, the USDA survey is known to have some serious issues, and you could expect as much surveying 70,000 farmers nationwide by Phone, snail mail, email, and personal interviews), 97.3 million acres have been planted, a record dating back to 1936.
But that’s still a heck of a lot of Corn, and enough to send Corn Futures down like -5% or so in the December futures. Sorry Finviz.com, the number isn’t -17% as you’re reporting – looks like you are forgetting the effect of rolling the contract from July to September, as we’ve pointed out before.
Chart Courtesy: Finviz.com
(Disclaimer: Past performance is not necessarily indicative to future results.)
Just last week, we highlighted M6 Capital on their Corn forecast, saying:
“…the December corn contract trades lower as the crop develops.”
Good Call, Guys!