Angie 'Goddess Of Grain' Maguire Converses On Corn
Angie Maguire is a the vice president of grain for Citizens Elevator, and she thinks the recent rally in corn futures is somewhat surprising -- surprising because of the increased yields over the past couple of months.
She joined Benzinga’s #PreMarket Prep to explain why.
"The USDA is almost in the mid-170 [metric tons] when it comes to yield projections for the corn crop, but the one question that we’re looking at right now is what kind of harvest acreage we're going to see," she said.
Last Friday, the USDA came out with a supply and demand update and actually reduced the amount of harvested acres, Maguire explained, which offset a bit of their increasing yield.
"So, now there is some talk that perhaps we may have overdone some of the big crop estimates," she said. "At the very least, we have a feeling that we’re not going to see it get too much bigger."
So Michigan has 51% of its corn rated mature and we're in a freeze warning tonight. No worries though, we'll def outyield last yr by 12 bu
— Angie Maguire (@GoddessofGrain) October 10, 2014
Maguire said that the reality for most traders at this point is to get comfortable with the numbers that the USDA is projecting and taking the outlook that two billion bushels is probably on the upside of what we're going to see for carryout projections.
She also talked about the effects of the U.S. dollar on commodities.
Check out her full interview here:
Follow Maguire on Twitter @GoddessofGrain.
Don’t forget to tune in to Benzinga’s #PreMarket Prep Monday-Friday 8-9:45 a.m. ET for your daily dose of market news and analysis.
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