Daniels Trading Senior Broker and author of Turner’s Take newsletter Craig Turner was quoted in the August 1st, 2015 Wall Street Journal article titled “How Whipsawing Grain Prices are affecting ADM, Cargill” by Michelle Hackman.
The June futures surge was driven by concerns that heavy downpours across the eastern Corn Belt—encompassing parts of Indiana, Illinois, Iowa and Ohio—would drown out much of the crop. The late June spike left corn futures prices up 10% for the second quarter, and soybean futures up 8.5%. But prices for both are now back down to near their levels at the end of March.
For corn, June’s rain was counteracted by good weather in states like Minnesota and North and South Dakota.
“The western corn belt is going to make up for some of the losses in the eastern corn belt,” said Craig Turner, an analyst for futures brokerage Daniels Ag Services in Chicago. He said this realization is what led prices to go back down in July.
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