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U.S. Corn Market Report

May-Early June 2024 Edition

Welcome to our monthly U.S. Corn Market Report, covering 01/05/24 – 03/06/24. This report provides an overview of the latest developments in corn planting, crop conditions, yield projections, market prices, and global context based on reputable data references.

Corn Crop Conditions and Projections

As of early June 2024, the USDA reported significant progress in the planting and condition of the U.S. corn crop. As of June 3, 91% of the corn crop has been planted in the top 18 corn-growing states, surpassing the five-year average of 89%. Notably, 75% of the crop is rated as good to excellent. This marks an improvement over the previous week and is ahead of the five-year average. The USDA’s 10th Crop Progress report for 2024 highlighted that 74% of the planted corn had emerged by early June, up from 58% the previous week and slightly ahead of the five-year average of 73%.

Yield and Production Projections

The USDA’s 2024/25 outlook projects a corn yield of 181 bushels per acre, which is an increase from the record 177.3 bushels per acre achieved in 2023. If realized, this would result in a total production of 15,040 million bushels, making it one of the highest production years on record. These projections assume favourable weather conditions and stable agronomic practices.

Market Impact and Price Forecast

Despite high production forecasts, the market year average price for corn in 2024/25 is projected at $4.40 per bushel, down from $4.80 in 2023/24. This decrease is attributed to the anticipated increase in supply. However, demand for corn remains strong across various sectors, including feed, ethanol, and exports. The feed demand is expected to increase by about 1% to 5.75 billion bushels, driven by growth in hog and broiler meat production.

Summary

The U.S. corn market is set for another robust year with high production levels and sustained demand. Regular monitoring of crop conditions, yield projections, and global market trends is essential for stakeholders.

References

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