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A poor South American crop may push U.S. corn and soybean exports higher.
Corn demand from ethanol is expected to drop by 75 million bushels over the next two years.
The next 30 days should hold excellent opportunity to sweep out some old crop inventory and advance sales for this summer’s crop.
While crude oil prices have fluctuated in a narrow range this winter, natural gas prices have plummeted.
The projected range for the season-average farm corn price is narrowed 10 cents on both ends of the range to $5.80 to $6.60 per bushel.
Southern crop losses will be partially offset by above-average yields elsewhere.
See all of the report data, coverage and analysis of today’s World Agricultural Supply and Demand Estimates.
Volatile weather patterns are likely to persist in 2012.