- The US is not running out of corn supplies. I don't know how to say that more clearly than I have.
- Still, the recent firming of national average basis and weakening carry in the July-September futures spread indicates 2023-2024 Q4 demand is picking up.
- Technically, the new-crop Dec24 futures contract opened the door to a possible extension of its long-term downtrend at the end of May.
Roughly 20 years ago, when I moved to Omaha from central Kansas, or in other words from the Wheat State to the Corn Belt, I learned that when in doubt about what to discuss, write about corn. Why? Because that’s all folks in the US really want to talk about, or read about, day in and day out. I also learned early that if I wanted to clear out a room early, while giving a presentation, start talking about wheat. Truth be told, I used that trick more than once over the years on the third day of presentations at trade shows, knowing we were heading out as soon as my talk was done.
