Corn, cotton, soybeans, and wheat were down for the week.
The May 12 USDA WASDE report provided bearish projections for 2023 corn and soybean
supply and demand estimates. There remains a great deal of uncertainty with the 2023 crop, however if USDA projections are realized corn and soybean prices will be near $4.00 and $12.00 per bushel. Improved weather forecasts have national average trendline yield projected at 52 bu/acre and 181.5 bu/acre, both would be records if realized. U.S. ending stocks for the 2023/24 marketing year are projected at 2.222 billion bushels for corn (up 805 million bushels compared to the current marketing year) and 335 million bushels for soybeans (up 120 million compared to this year). The bearishness in soybeans is more prevalent internationally than domestically. Foreign soybean stocks are projected to increase 669 million bushels. Largely due to Brazil’s record production and a projected drought recovery in Argentina. As mentioned, there is still a lot of time and uncertainty embedded in this year’s crop but the USDA WASDE’s initial estimates for the 2023/24 marketing set a decidedly bearish tone. Continue reading at Tennessee Market Highlights.