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Usset: corn prices unlikely to fall below $4 this fall

An extension grain market economist is confident a floor has been set under corn prices.

Ed Usset with the University of Minnesota says new crop contracts are moving toward $5 a bushel.

“Here’s my bold prediction, we’re not going to sink below $4 again this fall. We may get back to the June lows, somewhere around $4.25, $4.30 on the December contract. That’s assuming weather is cooperative (and) harvest is cooperative.”

He tells Brownfield price levels are well above a year ago and more improvement is possible.

“Once we get beyond harvest I think it could be an interesting year for prices, after harvest.”

Usset says there’s also support for November soybean futures between $11.30 and $11.40 per bushel.