This time last year, new crop corn futures traded above $6.00 due to low supply caused by adverse weather and geopolitical issues, including the invasion of Ukraine. US farmers expected these trends to persist and held onto their crops, anticipating price increases. However, a record production year in the US and Brazil for 2023 led to a market oversupply, causing prices to drop significantly. As a result, farmers continued storing their corn, leading to a 16% increase in stored corn from the prior year.
Will corn continue lower for 2024?
