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Friday’s supply and demand report could be friendly

An extension ag economist suggests Friday’s supply and demand report from USDA could be positive for corn and soybean prices.

Chad Hart is with Iowa State University. He tells Brownfield, “I’m leaning more towards the upside than the downside just because when we look at usage, the weekly numbers have been supportive of that. When we look at the weather issues that we’ve been seeing, that’s somewhat supportive of moving prices a little higher here.”

He tells Brownfield corn futures seem to be poised to move higher. “These prices have been trying to work their way up. Hopefully, these reports will give us some continued incentive to keep seeing those higher and higher prices.”

USDA will release its final estimates for 2024 U.S. corn and soybean production, and Hart says he’s anxious to see the latest projections for ethanol and export demand.

The report is out at 11AM Central Friday.