Cash Strategist 5/17/2023
We are now at a stage of the marketing year when we start to see interest shift from old crop to new crop. The trade is projecting large U.S. corn and soybean crops this year, which is tempering new crop futures. While production is a major factor in this outlook, so is demand. New crop sales of corn, soybeans and wheat are all down from last year, and the average sales pace is generating thoughts that U.S. export demand outlooks are too high.
We are also seeing concern over old crop export demand following recent cancellations. At the present time, the U.S. has unshipped old crop sales of 581.9 million bushels of corn, 143.5 million bushels of soybeans and 91.7 million bushels of wheat. Of these, the most cancellations are expected for corn and possibly soybeans. The price spread...
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