The expansion of U.S. corn acreage and strong western crops have created a small supply gap in the market that could be remedied by serious export demand. Whether that demand materializes as prices fall is a billion-dollar question.
For an early July grain market update, we spoke with IntelliFarm Founder Brian Voth. The supply side of the balance sheet is not looking good to support corn prices (lots of acres!). Domestically, the canola crush is playing a role in eating into canola production, but export demand that was funneled to other countries during the ’22/23 price boom has not returned.
Wheat is doing better than corn and canola, but those two crops may have established new floors for a rebound, while wheat hasn’t reached those levels yet and downside risk may remain, Voss said.
Check out the full analysis below, including respect for oats acreage and price trends.
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