Article taken from https://u.osu.edu/ohioagmanager/2024/07/04/thinking-of-grain-market-from-field-updated-2024-planting-estimates-and-market-outlook/ by Dr. Seungki Lee, Department of Agricultural, Environmental, and Development Economics, The Ohio State University
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Highlights
- Despite relatively hot and dry conditions, new crop growth is plain sailing.
- Corn acreage is estimated to be larger than expected.
- US grain stocks for both corn and soybeans are the highest post-Covid.
- Ohio on-farm soybean stock is 64% higher than in 2023.
Introduction
Summer is a busy season for grain producers, leaving little time to analyze the market and strategize sales plans. Nevertheless, the first week of July is a good time to take a “10,000-foot view” of the market, as the USDA releases several important reports by the end of June. In this article, we will discuss grain market outlook by reviewing the USDA new crop planting estimates, WASDE report, and grain stocks report.