DTN analyst speaks at Peoria show
PEORIA – The lead analyst for DTN really doesn’t see a big threat to corn prices until next fall’s harvest.
Todd Hultman was the featured speaker during this week’s Greater Peoria Farm Show at the Peoria Civic Center. Hultman said what corn prices do depend heavily on the weather next year. The Midwestern United States is expected to see a better weather pattern due to less of an influence from La Nina.
“Time is on your side is my best guess,” Hultman told attendees.
When it comes to soybeans, Argentina is currently dry and Brazil’s crop is off to a good start.
“We have a world situation where the world needs a good harvest every season.”
Market vulnerability is expected to continue. If we ever get too much production or a surplus, Brazil is the likely culprit to keep an eye on.
Hultman looked back on the 2022 growing season by reminding the audience that not all of the nation saw good yields like Illinois.
“You really hit the garden spot this year. Congratulations,” he said.
Current concerns include inflation, interest rates, tight oil and feed supplies and persistent drought in certain areas. The Russian invasion of Ukraine has impacted supplies and prices for just about everything. Time are tough for the southwestern plains and the Mississippi River has experienced low water levels.
“Supplies are tight,” Hultman admitted.
COVID problems in China just aren’t going away and this raises concerns for the soybean market and a dampening corn market as well.
“Markets are people and people are emotional.”