March Corn vs USDA carryout stocks Forecast – 09/14/2022
This month USDA forecast the new crop US corn carryout at 1.2 billion bushels or 13% of the estimate of Food Seed Industrial usage plus crop year US corn exports. The accompanying scatter studies display the harvest high and low for March corn as a function of the carryout/usage ratio since USDA began publishing monthly corn S/D estimates in 1973.Note that more recent years read high on the scatter due to inflation through the years. March 2023 corn would make an autumn high between $8.00 and $9.00 per bushel assuming the contract reads high on the scatter as in recent past years and current inflationary pressure suggests