Market News

New record high corn price

Corn futures hit a record high price Thursday in response to the lower USDA production estimate.

Darren Frye, President and CEO of Water Street Solutions, tells Brownfield there’s still some upside potential for corn, “Our opinion is we don’t believe we’ve rationed enough. I think corn higher – higher because of what the USDA said today [Thursday] but also higher maybe because of some weather premium that needs to be put into the market. We still have the potential to grow a good crop, we just need everything to go right.”

July hit a top of $7.93 a bushel, well above the previous high of $7.83 and 3/4.

USDA lowered its acreage estimate following widespread planting delays this spring and reduced its production estimate by 305 million bushels to 13.2 billion bushels.

The official outlook for corn and soybeans is out Thursday, June 30 at 7:30 AM Central.

Darren Frye discusses the numbers (5 Minutes, 30 Seconds, MP3)