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Reuters reports that many US farmers are holding unsold old-crop corn after prices fell to near three-year lows, despite earlier bids near 4.5-month highs. Grain supplies are ample, and USDA expects corn inventories to reach a six-year high by September 2025.
Farmers are waiting for higher bids before selling more.
Large farmer-held stocks that could be released at any time add supply pressure and make futures and cash prices choppy. Buyers can expect continued ample corn availability.
agweek.comP.J. Huffstutter, Karl Plume, ReutersJun 17, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
