It may seem like years ago, but it was just last June that farmers reported selling $8 cash corn and $18 cash soybeans. Today, cash prices look much different, hovering around $5.50 for corn and $13 for soybeans.
There are several factors putting downward pressure on corn and soybean prices, something Arlan Suderman of StoneX Group outlined on U.S. Farm Report this weekend.
“Looking at the corn market, we've had a lot of export sales that have been canceled by China,” he says. “We've had some Chinese buyers in our office here over the past couple of weeks. And they point to the cheaper Brazilian supplies and the need to diversify away from the United States where possible, so they're very actively buying that.”
By TYNE MORGAN
May 19, 2023
