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A top agriculture analyst on Wednesday said corn could climb to $6.50 a bushel in 2011, but a top executive at Sanderson Farms said that's not his biggest concern.
"What's important to us is to not be in a disadvantageous position relative to our peers. The big deal is what's going to happen to the 2011 crop," explained Joe Sanderson, chairman and CEO
of Sanderson Farms .
"If the industry, if the country doesn't make a good crop in 2011, then we'll be facing a very critical situation in 2012. Our balance sheet can tolerate 2011."
Sanderson pointed out that corn isn't anywhere near $6.50 a bushel right now and although prices are rising, he said no one is certain where they'll go. The Laurel, Miss.-based company is
unhedged for 2011, but the 62-year-old executive said they're factoring in higher prices in the coming years.
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