Our 90 day outlook for both corn & soybeans.
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| | 90 Day Corn & Soybean Outlooks:
Corn:
The underlying bearish element for the corn market is a projected 2023-24 carryover of over 2 billion bushels. Market speculation of a smaller Brazilian crop and reduced U.S. corn plantings next spring offer some longer-term support. U.S. corn exports need to improve in the coming months in order for corn prices to sustain an uptrend. The strong greenback is not helping that prospect.
Soybeans:
U.S. export demand will continue to be a focus amid a weak start to the 2023-24 marketing year, with number one importer, China, consistently looking to Brazil to fulfill their import needs, amid plentiful supplies. Meanwhile, a robust U.S. dollar has consistently kept U.S. supplies at a premium in the global marketplace. Currently, U.S. soybean export commitments are trailing year-ago by nearly 34%, amid already baked-in expectations of a 10% year-over-year drop.
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