University of Illinois Agricultural Economist Todd Hubbs thinks we are just at the start of a market rally. Corn acreage will be down, the only question is how much. Hubbs expects yields to be down substantially. “Based on field trials, if you get past May 25, you’re looking at a decline of 1.1 bushels per acre per day. We really don’t have any idea when you get past June 10. Mud and corn in June isn’t a recipe for high yield.” Hubbs says keeping prices somewhat in-check is large global supplies. “It looks like we may see record exports out of Brazil this year. They have a good crop,” he says. “People should always remember the United States is the world’s largest corn producer by a long shot. A supply shock is going to reverberate throughout the world. I think prices will reflect that.”
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