Trade Already Looking Ahead
We are already starting to see more attention on the next production season in the United States with an emphasis on costs and acreage, especially for corn.

A few forecasts have been released with corn acreage for the 2023-24 production season at 94 million, well above the 89.8 million that were planted this year. There are already some doubts over this size of an increase as nitrogen fertilizer prices are again rising. This is mainly from ammonia appreciating 26% in just the past week.

If the cost of production on corn continues to rise, we may see less interest in expanding plantings.

Not only is corn production being monitored in the United States for the upcoming year, but around the world.

The European Union continues to suffer from drought, which is cutting production. Not only is this an issue for the...