Market Thoughts 5.14.23

The May WASDE report memorialized what we’ve been saying since October as those huge expected carryout increases set the stage for corn/bean prices to keep sliding over the long term.

But it was also incredibly bullish for wheat as carryout is set to drop to 16 year lows. Incredibly, this now sets the stage where planting delays, bearish row crop conditions and a bullish wheat outlook means one should be looking at switching acres into wheat, the exact opposite of what we’ve been saying for the past few years.

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