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Dan Basse of AgResource said corn could reach $5.35 per bushel and climb to $5.70-6.00 by spring, with soybean meal rising to $500-540 per ton. He cited the lowest soybean stocks ever and near-record low corn stocks, plus rising US exports to China.
Corn is up about $2 per bushel since last summer and soybean meal up $150 per ton.
Very low US stocks combined with strong export demand from China point to further upside in corn and soymeal prices, squeezing dairy and livestock feed margins.
feedstuffs.comFran O'LearyJan 25, 2021After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
