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Peak Oil: Q & A Session 8

Added 12/31/11
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Chevy Volt: Charge Cord Security

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Added 03/08/11
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Video: Corn market

Added 11/17/10
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Video: Corn market

[LESS INFO] 0 VIEWS | ADDED 16:59:00 11/17/10
The ethanol industry is pushing corn prices to all new highs. With more than one in every three US corn bushels being converted to ethanol corn supplies are becoming tight. Ag Reporter Sarah Gustin explains how strong demand for one crop is making a big push for acres. Any farmer with a cob in their field knows it's been an exciting year. (Eugene Graner / Heartland Investor Services) "Alot of guesses are coming in that corn could ultimately into spring see around 6.50 dollars. If China, which is the wild card all of a sudden shows up and starts buying corn, which many are expecting. It's possible we could see corn exceed 7 dollars." Eugene Graner with Heartland Investor Services says last week corn hit 6 dollars on the futures market. While prices have declined since then, he says it's not likely the Chinese will stop their buying, which will push prices even higher. (Eugene Graner / Heartland Investor Services) "In the last two years we have found our low right after thanksgiving. Right after Pearl Harbor day, Dec. 7. Once we get to mid December, if income tax has not been increased on farmers who make over 250,thousand dollars a year, they will have a tendency to want to hang onto that grain into 2011. If taxes go up, there will be a concern that grain will flood the market at the end of the year. But once we get past that, the reality is still we have tight carry outs in corn prices and soybean prices have to ration available supply." Bart Schott is the President of the National Corn Growers Association and farms near Kulm. Schott says it's been a great growing season and a great harvest. Mix that with a smaller than forecasted corn crop across the nation...where the dollar sign lands is anyone's guess. (Bart Schott / NCGA President) "It's a futures price, right down around Kulm we have a really wide basis I think it's down somewhere around 5. So it's a little bit deceiving what the farmer is actually getting, but hey anytime we can get 5 dollar corn we can see black ink on the farm." With 2010 coming to a close Graner says now it's time for both corn and soybeans to refocus on next spring because it's going to be a fight for acres. (Bart Schott / NCGA President) "What we are thinking about doing is if we contract now we will buy our inputs as well cause you know if the price stays strong for corn through the winter we are going to see fertilizer go sky high and our other inputs as well." Trying to guess what will happen next year today ...is just becoming the farming way. Reporting for KX News, I am Sarah Gustin. Projected 2010-2011 corn carryover is expected to be less than 1 billion bushels for the first time in recent history.