Phil Smith

The January WASDE provided a few fireworks last week. 2022 harvested acres dropped from 80.8 million acres to 79.2 but yield went up 1 bushel per acre to 173.3. This resulted in a nice spike in corn futures back to the 6.75 range. Old crop futures have now traded in the 6.50-7.00 range for all…

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A quick market update, futures levels have been trending lower over the last month with exports behind pace and slightly higher projected carryout for 2023. The March USDA supply and demand report has corn carry out projected at 1.308 million bushels vs 1.267 in February and soybean carryout projected at 220 million bushels vs 225…

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In the last 30 days, we have seen our nearby futures slip lower roughly 25c.  Exports have been light.  Generally, we do not see a lot of corn moved this time of year, but exports have been light nonetheless.  Couple that with a softer local demand and we are looking at cash values that are…

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