AgriTalk ATB: Brock- “Friendly Corn, Wheat; Not So Much on Beans”

April 25, 2018 04:38 PM
 
 

Richard Brock from Brock & Associates and The Brock Report told Chip Flory on today’s AgriTalk After the Bell, “I’m not going to put a price target on corn and I’m not saying December corn can get up to resistance at $4.40, but I do think it’s time to give the corn market a chance to move higher.”

Brock mentioned solid global demand, China’s plans to expand ethanol production and the opening of Japan’s market to U.S. ethanol as just a couple of reasons for his “friendly” attitude toward corn prices.

For soybeans, Brock told Flory he sees the potential for another 15 million to 20 million bushels to be added to USDA’s soybean crush estimate, “but I don’t see bean crush on top of 2 billion bushels for this year.”

Brock said he currently anticipates 2017-18 soybean carryover to trend lower from the current USDA estimate of 550 million bushels, but he’s working with an old-crop carryover estimate of 514 million bushels – “And that’s still a lot of soybeans,” concluded Brock.

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