Market Information
August 21, 2023 |
ATI Newsletter 2023 - Week 33
High prices eventually “cure” high prices by encouraging increased production and demand destruction. The USDA this month forecast a 22% increase in combined corn exports from Brazil and Argentina for the 2023/24 crop year on the heels of a projected increase in planted acreage and the assumption of trend yields. If realized, this would result in severe competition for U.S. exports from the spring of 2024 through the remainder of that calendar year. With December 2024 corn futures near $5.10, it’s critical to remember that the projected crop insurance price for 2024 will not be established until February 29, 2024. As a student of the market, you understand that much can change in six months. Working closely with your Advance Trading advisor to defend your balance sheet by implementing risk management strategies for projected 2024 corn production is prudent.