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Thursday, February 23, 2023 3:24:36 PM
Top 5 Corn Outlook Points To Watch
By: Barchart | February 23, 2023
Top 5 corn outlook points to watch
• 1. US Demand. MY 22/23 domestic corn demand has been lethargic as feed and ethanol use has been declining. Despite the Ukraine supply shock, US corn exports have struggled as end users are procuring feed inputs from other origins. Global animal units are falling, and corn exports are declining.
• 2. Softening global production costs. Domestic and global fertilizer, diesel, natural gas, and propane prices are declining. This can limit price appreciation.
• 3. Brazil’s domination. Brazil is estimated to produce a record large 125.0 mmt corn crop and is forecast to be the world’s largest corn exporter. Last year China bought record volumes of Brazilian corn.
• 4. Global risk premiums. Despite the Russian invasion, Ukraine corn exports are overperforming. The MY 23/24 harvest remains a large and looming question. rising political tensions between the US and China, can help favor Brazilian corn.
• 5. Weather & Yields. Forecasters are predicting a neutral/ weak El Nino weather cycle which can translate to trend/above UC corn yields.
Read Full Story »»»
DiscoverGold
By: Barchart | February 23, 2023
Top 5 corn outlook points to watch
• 1. US Demand. MY 22/23 domestic corn demand has been lethargic as feed and ethanol use has been declining. Despite the Ukraine supply shock, US corn exports have struggled as end users are procuring feed inputs from other origins. Global animal units are falling, and corn exports are declining.
• 2. Softening global production costs. Domestic and global fertilizer, diesel, natural gas, and propane prices are declining. This can limit price appreciation.
• 3. Brazil’s domination. Brazil is estimated to produce a record large 125.0 mmt corn crop and is forecast to be the world’s largest corn exporter. Last year China bought record volumes of Brazilian corn.
• 4. Global risk premiums. Despite the Russian invasion, Ukraine corn exports are overperforming. The MY 23/24 harvest remains a large and looming question. rising political tensions between the US and China, can help favor Brazilian corn.
• 5. Weather & Yields. Forecasters are predicting a neutral/ weak El Nino weather cycle which can translate to trend/above UC corn yields.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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