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Global production uncertainties support corn market

Uncertainty about overall production in 2024 is helping support the corn market.

Angie Setzer with Consus Ag Consulting says there are three crops to be made this year.

“We’ve got to get the Safrinha crop, the Argentina crop was planted in December so that’s not even close yet to being in the bin. And then we have the U.S. crop, and obviously with the weather patterns the way they are and everything that we’ve seen, there’s no such thing as a slam dunk.”

Speaking to Brownfield during the Wisconsin Corn-Soy Expo in Wisconsin Dells Thursday, she said burdensome corn supplies could tighten like in 2020.

“Now obviously this year we have a whole slew of additional world production to be paying attention to and some of these other things, but the crop is far from being made and I think that is what’s going to keep a floor under this market and keeps speculators from piling on too much more.”

Setzer says crop estimates in Brazil are as wide as she’s seen as weather continues to be a challenge.