Understanding Today's Corn Market
Todd Hultman DTN Grains Analyst
Mon Aug 26, 2013 10:15 AM CDT

To understand today's corn market, we need to go back to July 2004 when crude oil prices began climbing over $40 a barrel. World oil production was not keeping up with the demands of global growth, much of which was coming from unexpected double-digit gains in China. OPEC's oil fields were aging and post-Saddam Iraq was crippled by war. The most important statistic to watch in the crude oil markets, OPEC's surplus production capacity, had been above 5 million barrels per day in 2002, but dropped to dangerously low levels, less than 1 million barrels per day in 2004. U.S. ...

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