Current USDA price forecasts and post-report futures prices both indicate relative price levels that heavily favor soybeans. Going forward, the acreage estimates given by USDA set up fundamental tension between corn and soybean prices. Fewer soybean acres make the new-crop supply and demand balance look tight unless yields are much poorer or demand weaker than expected. It is hard to envision a scenario where corn prices can increase much from current levels unless we observe poor weather over a wide swath of the US Midwest between now and the fall. On the heels of a six-day slide in both corn and soybean prices on favorable weather and improving yield prospects, Friday’s price action extended losses for corn and reversed price declines in soybeans.įor corn, higher acreage, improved yield prospects due to Corn Belt rain forecasts, and dismal old-crop demand numbers create a burdensome new-crop supply and demand balance. In contrast, soybean acreage was far below analysts’ expectations and the November 2023 soybean futures price rallied, ending the day up a whopping 77 cents per bushel at $13.43 per bushel. Corn acreage estimates exceeded all analysts’ expectations and the December 2023 corn futures price dropped more than 33 cents per bushel on Friday to settle near a one and half year low at $4.95 per bushel. Illinois Farmland Leasing & Rental FormsĬorn and soybeans planted acreage estimates released by the National Agricultural Statistics Service on Friday, June 30 led to a sharp divergence in new-crop corn and soybean futures prices.Illinois Crop Budgets & Historic Returns.Farmland LEasing Facts Sheets & Pricing Information. Illinois Soil Productivity & Yield Utilities.Briomass Crop Budget Tool – Miscanthus & Switchgrass.Appraisal of Current Financial Position.Balance Sheet & Historical Financial Statements.Post Application Coverage Endorsement Tool (Sheet).
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