IN555 - 11/13/2023 14:48

Projected corn carry out is 2156, I think most everyone would agree just a few years ago that meant a price starting with a 3. So why aren’t we there? Looking back at the 70s once the inflation took off it doesn’t seem price ever went back to previous levels. Even with massive stocks to use in the 80s why didn’t price go lower? Does this beg the question are we establishing a new level? Drawing lines on charts is all fun but how well would have the worked in the early 70s? We are already seeing Brazil feel the pain on corn prices. I’m hearing end users use the words “cheap corn”. How much pain would the US farmer feel at sub $4 cash corn? The cost of living and farming has increased dramatically since Covid. Will we see a $3 handle again on the Cbot? Sure maybe even next fall but I think many are discounting the impacts of inflation.