A veteran commodity market analyst said he thinks both corn and soybean prices have peaked for the year – unless central Illinois gets a drought this summer.
Jim Gill, president of MarketVal Enterprises, a commodity marketing advisory service, told farmers at the 96th annual Champaign County Farm Bureau meeting Monday that certain market trends mean grain prices could tail off in 2008.
Gill is a former director of commodities for the Illinois Farm Bureau.
While the U.S. Department of Agriculture officially projects higher prices for both commodities over the next two years, Gill told Farm Bureau members he sees trends they both could actually decline.
"Corn and soybean prices have peaked for the winter and possibly for the whole year," Gill said. "We have seen some highs that we haven't seen for a number of years."
Pesotum farmer and Farm Bureau member Melvin Schroeder said Gill's talk gave him insight to make his planting plans for 2008.
"It's important to understand the market trends before a farmer makes planting decisions," Schroeder said.
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