US Corn Eyes 16 Billion Bushels as Strong Demand Lifts Soybean Markets
Updated
Updated · KMAland · Aug 15
US Corn Eyes 16 Billion Bushels as Strong Demand Lifts Soybean Markets
3 articles · Updated · KMAland · Aug 15
Summary
A roughly 16-billion-bushel U.S. corn crop is still expected even with yields a bit below trend, yet corn and soybean markets have recently bounced on demand strength.
Record corn exports over about 16 months, along with steady feed and ethanol use, are underpinning confidence that a large share of the crop can be absorbed.
Soybeans face weaker exports to China, but stronger domestic crushing tied to renewable diesel is helping replace some lost demand and support prices.
Harvest pressure is still likely to push prices lower this fall as storage fills with what could be the second-largest corn crop and a top-five soybean crop.
The key question into winter is whether usage stays strong enough to spark a price recovery despite another season of abundant U.S. grain supplies.