#532 - ”Early Harvest Price Action” Weekly Market Outlook: Sept. 18-22nd.

Peter Meyer with S&P Global talks with Chris about a number of market conditions to focus on as we get deeper into harvest. The conversation starts with Peter unwinding some of the results from last weeks. USDA report. He explains the increase in planted acres for corn and the justification for USDA’s average yield numbers. Peter sees the market, continuing in a “tight trading range” for both corn and soybeans as we transition from September into October. Light trading volume and limited demand make it difficult for the market to go up, conversely, he doesn’t see much downside risk at this time either. They continue the conversation discussing demand issues and opportunities. Peter cautions producers to watch 2024 opportunities closely, as our ability to “over produce” should be a real concern with the quality of today’s genetics, and production techniques, even in the face of weather adversities. They wrap up the conversation discussing Argentina and Brazil competition, and the importance that renewable fuel demand will have for corn and soybean prices into the future, but it still may be late 2024 or into 2025 before this opportunity is truly realized.