Last week's key USDA reports renewed concerns about the corn and soybean crops, as the government trimmed yield prospects and tightened new-crop carryover stocks more than expected."
The U.S. Department of Agriculture said last week that while supplies of corn are likely to be adequate through September of this year that the surplus carryover could drop below 750 million bushels into next year. The U.S. typically holds surpluses of corn between 1 billion and 2 billion bushels.
Also, damage to the wheat crop by drought in the Southwest has driven the December price for wheat to almost $7.40 per bushel, lessening the possibility of cheaper wheat replacing corn as a feedstock.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.