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As 2023 comes to a close, it's not too early to evaluate pricing opportunities for the 2024 corn crop given projections and forecasts around acres, yield, and use.
Lower winter wheat acres and carryover slightly friendly. USDA shocks the market with higher corn & soybean yield, production and carryout. SA numbers were not supportive either. Jim McCormick, AgMarket.Net
Soybeans Soybean plantings are predicted to fall by nearly three million acres in the 2023/2024 marketing year. Cotton Cotton supply is up, primarily due to carryover stock from the previous marketing period. Combined with strong production domestically and globally, corn prices are declining—projected to be $4.80
The quarter acre I steward in Northeastern Pennsylvania is, I hope, an incarnation of this contradiction. It will be a good learning experience to see how nutrient carryover from winter killed covers compares with spring killed covers. This spring, I planted a seed pack from High Mowing Seeds.
Let’s take a look at a quick example: Assume ABC partnership was formed in 1940 and owned 1,000 acres of land in the California San Joaquin valley. The land was original purchased for $100 per acre and is now worth $25,000 per acre. This could affect many farmland partnerships.
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