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U.S. corn ending stocks have built for five straight years, and USDA projected a 2.487 billion bushel carryout with a season-average farm price of $2.80 to $3.60. Analysts expect ethanol and feed demand to stabilize the market, while the Brazilian second-crop planting pace is a watch item.
The outlook was drawn from remarks at the December Illinois Farm Economics Summit.
A large carryout caps corn prices, and any firming in ethanol and feed demand would only partly offset the surplus. Brazil's second-crop timing could shift export competition later in the year.
governorsbiofuelscoalition.orgJan 4, 2018Not 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.
