A co-founder of AgMarket.net says several factors are influencing price possibilities in the corn market this year.
Matt Bennett, who also farms in central Illinois, says issues with the crop in the U.S. or South America would push prices higher.
“Does that mean $6 corn?” He says, “I’m not sure. That would be the very upper end of my range just due to the fact that we’ve still got plenty of stocks available. On the low end though, I could see us going back under $4 if you plant 96 or 97,000,000 acres of corn and have a decent crop.”
He tells Brownfield world supplies continue to be adjusted lower, which leaves room for an upside not seen in recent years.
“Certainly, if we plant, you know 96 or 97,000,000 acres of corn and have a big crop, that’s not good.” He says, “But on the flip side, if we plant 96 or 97,000,000 acres of corn, we know we’re bringing a lot of fringe type acres into the mix. There’s a chance you could see something good happen there.”
Bennett expects to see U.S. corn acres grow this year due to lower soybean prices.
