At issue is that traders and farmers think that the 146 bushels of corn per acre forecast by the Department of Agriculture is just still too high of an estimate. The belief is that the bushel count is going to be much lower. This is driving interest in fertilizers and potash players, as well as GMO seeds. Unfortunately, it is acting as a hit against beef and chicken producers as well as ethanol players.
The Teucrium Corn (NYSEMKT: CORN) ETP is up 2.17% at $51.16, above the 52-week high of $50.73.
The Mosaic Co. (NYSE: MOS) is down 0.3% at $58.54 versus a 52-week high of $74.00; and Potash Corp. of Saskatchewan (NYSE: POT) is down 0.9% at $45.17 versus a 52-week high of $60.42.
The Market Vectors Agribusiness ETF (NYSEMKT: MOO) is down 0.3% at $50.20 so far today.
Tyson Foods Inc. (NYSE: TSN) is down 0.4% at $15.01 against a 52-week range of $14.62 to $21.06.
Archer Daniels Midland Co. (NYSE: ADM) is down by 0.4% at $27.43 against a 52-week high of $33.98, while the Monsanto Co. (NYSE: MON) is actually up 0.3% at $87.16 and within striking distance of its 52-week high of $87.77.
We are seeing a big gain in Pacific Ethanol Inc. (NASDAQ: PEIX) with its shares up 9% at $0.356 so far this Monday.
JON C. OGG
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