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CORN FUTURES HIT TEN-YEAR HIGHS
Jan. 16, 2007
the Red River Network's FarmNetNews reports:
USDA's crop report helped deliver limit gains at the CBOT.
According to USDA, the US corn production number was reduced to 10.53 billion bushels. That's down from 10.74 billion bushels in the December report.
With tight ending stocks, Dennis Smith of Archer Financial Services says the corn market will be forced to move higher to buy the needed acreage.
"We'll need eight million acres or more just to maintain status quo; we're talking about a shift in acreage like we've never experienced before," said Smith, "We're talking about more corn acreage than we've seen in the last 50 years."
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