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USAG - Upward Price Projections For Corn Due To Production Risks
United States Agriculture Index Fund ETV
This analysis was prepared using end of day data from May 31st, 2019. All indicators and valuations reflect the same.
Quick Take
-BULLISH- Flooding and wet weather is wreaking havoc across the Midwest, posing unprecedented production risks for this year’s US corn crop. A significant draw on US corn stocks out of storage seems inevitable. I estimate fair value on the July corn contract could achieve prices between $4.25 and $6.25. The level is dependent on the planting, yield, and scarcity scenarios discussed below. While the current price has already risen to the lower end