Trout,
You may see a near term spike up in price due to falling production levels. Also of concern is the recent rainfall in the growing areas.
Here's the latest on corn crop production numbers.
Investing.com -
U.S. corn futures rallied to a 13-month high on Friday, after the U.S. Department of Agriculture lowered their outlook for near-term supplies of the grain and cut their estimate of this year’s U.S. harvest.
On the Chicago Mercantile Exchange, US corn for September delivery hit an intraday peak of $4.3913 a bushel, a level not seen since June 30, 2014, before closing at $4.3460, up 6.0 cents, or 1.4%.
On the week, corn futures rose 8.5 cents, or 1.37%, the fourth straight weekly gain.
The U.S. Department of Agriculture said that U.S. corn inventories at the end of the 2014-15 season in August will total 1.779 billion bushels, down sharply from its June estimate for 1.876 billion and lower than market expectations of 1.810 billion bushels.
The cut reflected increased corn exports and greater usage by livestock producers, according to the USDA.
The agency said that it expects a harvest of 13.53 billion bushels of corn in the marketing year beginning this autumn, down from its June outlook for 13.63 billion, as farmers will plant less corn.
The USDA projected corn yields of 166.8 bushels an acre, unchanged from its previous estimate.
Best!