The USDA’s April WASDE report was released yesterday. The report was generally as expected. The USDA may have signaled a big increase in new crop corn export demand in their executive summery. Will not see new crop numbers until the May WASDE but this part of the report caught my eye and it is why we see new crop corn carryout at 1.7 to 1.8 billion bushels with 88mm acres and a 174 yield: “Major global trade changes for 2017/18 include lower projected corn exports for Brazil and Argentina, with reduced export competition from these countries expected to impact the first half of the 2018/19 marketing year in the United States.”
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Craig Turner – Commodity Futures Broker
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Turner’s Take Ag Marketing | 2018 Corn Outlook - Turner’s Take Ag Marketing sees 2018 corn prices having a possible range from $3.15 to $4.50 given various acreage, supply and demand scenarios, with an end of season target price of $3.70. Find out more about how we determine the range of prices, our suggested marketing strategies, and our 2018 target prices.
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