The spot corn, soybean and Chicago wheat markets reached levels not seen in over six years. Minneapolis wheat had the highest spot close in over two years. “You cannot step in front of a speeding train and that’s really what we have going on right now in these commodity markets,” said Angie Setzer, vice president of grain, Citizen’s Elevator. There are a lot of complicated factors at play, ranging from technical buying to South American crop conditions and rumors of Chinese buying interest. Setzer says this is one of the very few times where farmers that aggressively marketed ahead of harvest are thoroughly disappointed. “We work to get the farmers convinced that they need to work on risk management and they need to make sales. After several years, you get folks on that bandwagon only to have something like this happen and we spend the next five years trying to convince growers to have a solid risk management plan in place.”
