Markets - General
U.S. data shows COVID-19 infection rates are now down to levels not seen since early fall, a sign economic recovery could also take shape. As more consumers venture out to restaurants, it could also help meat demand.
USDA’s Ag Outlook Forum painted a brighter forecast for corn demand this year. While USDA does expect a 7% increase in production, the agency is also forecasting an increase in domestic use, as well as exports.
Unprecedented U.S. weather conditions, export numbers and USDA’s Ag Outlook Forum all weighed on prices this week, says Jamie Wasemiller, market analyst with Gulke Group.
USDA issued its first look at acreage during the annual Ag Outlook Forum with a record number of combined corn and soybean acres projected this year. Some analysts say given prices, that number has room to grow.
Here’s my biggest concern about what USDA didn’t deliver. What if the trade is right that U.S. corn exports will be at least 2.75 billion bushels with an outside chance of reaching 3 billion?
During USDA’s 2021 Ag Outlook Forum this week, chief economist Seth Meyer pointed to a possible bump in overall planted acres this year, with 92 million in corn, 90 million in soybeans and 12 million acres of cotton.
U.S. corn and soybean futures retreated on Thursday after the Department of Agriculture (USDA) projected that U.S. farmers would devote more acres to the two crops this spring than any year on record.
After consecutive years of stagnant commodity prices for some crops, the market has flipped. From lack of volatility to extreme price moves today, some think the volatility may be here to stay.
As USDA prepares to give its first glimpse at 2021 acreage this year, the acreage debate could be dynamic as tighter supplies will encourage planting.
As the U.S. waits to see if record corn purchases from China will turn into record shipments, there may be an economic incentive to buy more U.S. corn.