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Market Ends 2014 Just About Where It Started

While 2014 has been a wild ride for the futures market, according to Dan Hueber, with the Hueber Report, corn prices are at the same level at the end of 2014 as they were in the beginning, “Last December we were all in the dumps because corn prices had hit the $4 level, and we were all projecting a 2 billion bushel carryout. Here we are a year later and we are still projecting a 2 billion bushel carryout.

” The difference is that last January we were hoping for a return to $5 corn while this January we will are hope we don’t revisit the $3 level.  Hueber is recommending that producers look for opportunities in the early part of 2015 to market their 2014 crop, “The corn market still has some carry in it. We should see some chances to sell in the $4.25 to $4.50 range between now and July.” 

As for soybeans, Hueber sees a large South American crop coming, “Early yield results from Brazil indicate they will likely produce a record large crop.”  In addition, he sees 2 million more soybean acres in the US in 2015.  This will pressure soybean prices, but fewer corn acres are not likely to raise corn prices, “We could do just fine with 2 million less corn acres. The market would not go into a panic mode.” He does not see the market offering corn growers any price premium to plant more corn in 2015.

One crop Hueber is bullish about is sorghum. He told HAT that 2014 saw sorghum exports to China soar. He sees an expansion in sorghum acres in the US in the coming year, ”2014 saw a 19% jump in sorghum exports, with over half of that going to China.”  He sees sorghum acres in the US increasing in 2015.

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This presentation was recorded at Illinois Soybean Association's Better Beans event on January 11, 2024 in Bloomington, IL. Shaun Casteel, Ph.D., is Associate Professor of Agronomy and Extension Soybean Specialist for Purdue University. Dr. Casteel was born and raised on the family farm in east-central Illinois. He earned his B.S. in Crop Sciences at the University of Illinois, his M.S. in Crop Science and his Ph.D. in Soil Science at North Carolina State University. He has given over 850 invited presentations to 60,000 people across the country and world. Key areas of interest include: sulfur synergies, precision management of resources and practices; integration of soil characteristics, nutrient inputs, and crop physiology; and the influence of agronomic practices on yield physiology of soybean. His practical research also extends to field-scale trials with seeding rates, sulfur, and intensive management of soybean. You can follow him on his podcast Purdue Crop Chat