USDA average corn/bean prices might be a bit too high
An ag marketing group of panelists agree the USDA’s latest supply and demand report is mostly a “place holder.”
But, John Kruse, associate University of Missouri Extension professor, says he’s a bit concerned the average prices for corn and beans are a little high, “If farmers took some of our advice and actually forward contracted a bit with corn and soybeans they may not have gotten quite the same level of prices as where they’re at now.”
MU Ag Economics Professor Marty Foreman says there will be a lot more excitement in the January report, “In addition to the production estimates and supply and demand revisions we’ll also have a grain stocks report which have also become pretty market-moving type reports.”
Seth Meyer, associate director of FAPRI-MU, says the report after that one might have even more, “You probably still won’t see, unless the crop in South America goes really off the rails, maybe not see any change there until February maybe.”
The panelists spoke on the MU Agricultural Market and Policy Outlook webinar, hosted by Brownfield’s Meghan Grebner.