NEWS
Jerry Gulke DTN Columnist
Mon Jul 28, 2014 07:53 AM CDT

Perception has a lot to do with price discovery. Currently, lack of heat and lack of significant dryness have kept the crop ratings for corn and soybeans at highs seen only a few times in the last 25 years. The years of 1994 and 2004 come to mind.

Given last week's price for corn at $3.65, the perception is that December futures are trading or discounting a yield of 170 bushels per acre with a resulting production of slightly over 14 billion bushels and a carryout for this marketing year 2014/15 of about 2.0 bb. Ironically, this is similar to ...

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