Ag Forum turned bearish on new crop corn with 91 million acres, trend line yield of 181.5 bpa and carryout of nearly 1.9 billion. This puts stock/utilization at 13% and corn is a well-supplied market. Soybean acres are projected at 87.5 million with a carryout of 52 bpa and a 290 mm bushel. This brings inventory/utilization to 6.5%, still a tight market. Wheat will increase by about 4 million acres and the final stock will only increase from he 568 million to he 608 million. Wheat remains a tight market, with MPLS and KC tighter than CHI. Find out what’s going on in the market with this week’s Turner’s Take Podcast!
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