Loading…
The 2023 U.S. corn crop set a record of 15.234 billion bushels despite widespread drought, topping the 2016 record. Total supply for 2023/24 is up 10%, while use rose only 5%, lifting ending stocks to 54.4 days of use.
The season-average farm price fell 25% to $4.85 per bushel.
Large carry-in stocks and a bigger supply cushion point to lower corn prices unless 2024 production or demand shifts sharply. Feed buyers should expect ample, cheap corn supply.
farmprogress.comMark Welch, Scott ClawsonJan 23, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
