Economic Value Post harvest Corn – 11/10/2021
In the November Wasde report USDA forecast the 2022 US corn carryout at 1.5 billion bushels or 10% of 2021/2022 crop year usage. We have scattered the winter high and low for central Illinois corn as a function of the USDA’s winter corn carryout/usage ratio. The current 10% ratio would be associated with price range of $4.00 to $6.00. The current ratio forecast is on the steep portion of the stocks function so small changes in the US corn supply/usage outlook can have a major impact on corn prices.