Strong Safrinha outlook dampens prospects for record corn prices in U.S.

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Strong Safrinha outlook dampens prospects for record corn prices in U.S.

An improving South American crop is diminishing prospects for record-high corn prices in the U.S.

Analyst Matt Bennett with AgMarket.Net tells Brownfield Brazil’s second-crop Safrinha corn is looking really good.

“That kind of takes away one of those things that could have propelled the corn to all-time record highs.”

But he says if the U.S. plants fewer than 92 million corn acres AND yields fall below trend-line, buyers will scramble to secure supplies.

“So as far as corn is concerned, it of course would have to be a U.S. weather issue. Or maybe it would be a late season issue as far as Safrinha is concerned in Brazil.”

The all-time high for corn on the continuous chart was set in 2012 at $8.13 per bushel.

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