From Agora’s 5 Min Forecast – Kerr sees corn north of $7 in ’08. I know, yet another post about plantings behind schedule.
Also worth noting – as long as I’ve been following Kerr (~3 years), his calls on corn prices have been spot-on.
Corn futures, on the other hand, are still on the rise. Now over $6 a bushel, corn is just a breath away from passing its record high from a few weeks ago.
Corn’s trip to $6 comes on the heels of the latest USDA planting progress report. According to the government, U.S. corn farmers have planted 10% of their 2008 corn crop as of this week… far behind the five-year average of 35% and trade estimates of 15-19%.
Kevin Kerr left the Midwest with the impression the median price for corn in 2008 would be $7.50… a buck fifty higher than today.