Farms.com Home   News

Soybean prices have more upside than corn

Todd Hultman is picking soybeans over corn in 2023-24.

“If you want to hang onto one of them, soybeans definitely have the better bullish potential,” he told farmers attending the 2023 DTN Virtual Ag Summit.

The United States Department of Agriculture is forecasting 245 million bushels of U.S. soybean ending stocks in 2023-24.

“The case for soybeans is much different than corn,” he said.

“We do not have a big endings stocks estimate.”

He is forecasting an average spot soybean price of US$13.50 per bushel for the year, with a range of $12 to $15.

Production costs for the crop are estimated at $12.30 per bu., so there should be plenty of opportunities for profit.

U.S. farmers harvested a record 15.23 billion bushels of corn and are expected to finish the year with a robust 2.13 billion bushels.

It reminds Hultman of the 2014 through 2020 era, when spot corn prices were in the $3 to $4.50 per bu. range.

“It is not remembered very fondly by a lot of our farmers because lots of times prices were below the cost of production,” he said.

Click here to see more...

Trending Video

Grain Market Outlook Price Prospects for 2024

Video: 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.