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Buy put options, trader says--Watch video

CHICAGO, Illinois (Agriculture Online)--As the CBOT corn market hit an all-time high of $6.43 Tuesday on slow planting and record-high crude oil prices, one floor trader says the longterm outlook for corn is lower.

Vic Lespinasse, Grainanalyst.com, is urging producers to protect their marketing positions by purchasing put options....

Lespinasse says though the U.S. is facing its slowest planting pace since 1993, the market has learned in previous years how fast the farmers can plant the entire crop...

Watch overnight trading, the direction of the Dalian, China grain futures market, Malaysian palm oil, crude oil, the dollar in the morning, along with the latest weather forecast for opening guidance Wednesday, he says.

CHICAGO, Illinois (Agriculture Online)--As the CBOT corn market hit an all-time high of $6.43 Tuesday on slow planting and record-high crude oil prices, one floor trader says the longterm outlook for corn is lower.

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