Utterback Marketing President Bob Utterback thinks hedging next year’s crop will be difficult with the lower commodity prices. “December 2023 corn is around $5.47. A lot of farmers think the cost of production will be about $5. With any type of basis, the market’s just about at breakeven for many farmers.” Seasonally, now is the time when corn prices tend to drift lower into harvest. “Historically for the last 45 to 50 years, you could probably count on one hand how many times we rallied from July 4 into October. It’s only because we had an extremely abnormal weather event similar to 2012.”
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