Corn Analysis
Corn futures initially reacted well to lower-than-expected USDA carryout projections for both the 2023-24 and 2024-25 marketing years, but bulls couldn’t sustain the advance last week. Having Conab boost its Brazilian corn estimate, while no fresh reductions to Argentina’s crop were published, likely added to the selling pressure. We are in no hurry to call a top in the market, especially with plantings far from finished and the summer pollination period ahead. Our research (news page 2 in latest newsletter), suggests corn yields could fall short of prior expectations, which may provide background support. Nevertheless, projections for elevated old- and new-crop carryout require rallies to be sold.

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