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A Terrain quarterly outlook says corn production is shaping up as the market's main driver, with prices offering attractive pricing opportunities for growers. Demand is tepid due to a shrinking U.S. cattle herd, a large Brazilian safrinha harvest and a strong U.S. dollar pressuring exports.
The 2022/23 U.S. ending stocks-to-use ratio is forecast at 10.6%, with over 3 million more planted acres cushioning yield risk.
Ending stocks near 10.6% are tight by historical standards, so yield disappointments could lift prices, but the larger planted area limits that risk. Weaker feed demand from the cattle herd decline and Brazilian competition is a bearish offset for corn.
terrainag.comMatt RobertsJun 27, 2023Not enough comparable past events yet for a historical read.
Not 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.
