Corn Futures and Options in Dammam Saudi Arabia as we say goodbye to 2019

This piece is a general discussion on corn, the 2019 crop year and trading Corn Futures and Options in Dammam Saudi Arabia.

With over 91 million acres planted this year, corn is the largest crop in the United States. Compare that to this year’s soybean crop, at about 80 million acres. To give those numbers some perspective, there are about 900 million acres of farm land in the United States. This year, the U.S. is on track to harvest approximately 13.75 billion bushels of corn.

Feeding cattle, hogs and poultry accounts for about one third of the U.S.’s corn crop. Ethanol production accounts for a little more than another third of the crop. The remaining corn crop goes to products produced and consumed by people or for industrial use. Most of that is U.S. consumption; some of it is exported (which also goes to feed use).

This year saw one of the most onerous seasons for corn farmers in quite some time with an unusually wet spring and cool temperatures in June that resulted in slow crop growth and development. According to the USDA, in early July, just 57 percent of this year’s corn crop was reported to be in good or excellent condition, compared to the same time last year when 75 percent was reported good or excellent.

Corn Futures and Options in Dammam Saudi Arabia are one of the oldest commodities traded – going back to the 1880’s – and one of the most widely traded in the world. As such, liquidity in the several nearby futures contracts and their options – including weekly options – is such that strategies employing futures, futures spreads, options, options spreads, futures and options combinations are well traded.

At this typing, March Corn Futures and Options in Dammam Saudi Arabia have traded from its mid-May highs above $4.75 per bushel, to lows between $3.65 and $3.75 on two occasions in mid-August and last week. Historically (going back 10 years) corn trading near these prices represents low prices. Most reports to this affect will point to that fact that despite the challenges to this crop year, corn yields have come in on par with early season expectations and carryover from last year is ample.

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