Grain Market Outlook Price Prospects for 2024Video: Grain Market Outlook Price Prospects for 2024
Joe Janzen and Scott Irwin of the University of Illinois provided an in-depth analysis of the grain market outlook for 2024, including price forecasts, global supply and demand trends, and marketing implications for corn and soybean producers.
Key topics covered:
Review of 2023/24 USDA February WASDE report results
Old and new crop corn and soybean balance sheet forecasts
Export sales pace comparisons to previous years
South American soybean production estimates
Impact of input costs and interest rates on marketing
Benchmarking farm-level marketing performance
As grain prices face downward pressure in 2024, the presenters emphasized the importance of having an active marketing plan in place, rather than a 'store and ignore' approach. They provided insight into strategies for forward contracting, making new crop sales, and capturing opportunities in a volatile market environment.
Overall, an excellent webinar reviewing the latest market analysis and offering actionable strategies for crop producers facing a more challenging economic climate this year.