USA: Corn and hay production are on the minds of producers as we prepare for a dry year

Published Feb 20, 2024

Tridge summary

The CattleFax session at the NCBA National Convention highlighted trends in corn, soybeans, wheat, oil, energy, and hay production. Corn saw a record-high yield in 2023, but a decrease is expected in 2024 due to weather conditions. Soybeans are being used at a record high for renewable diesel, impacting U.S. exports. Despite the Ukraine-Russia conflict, wheat production remains stable. The U.S. is producing record amounts of oil, with an expected average price of around 80 dollars per barrel in 2024. Hay production increased by 6.3% in 2023, with another increase expected in 2024. The hay market is expected to recover from the low stock of 2022, with prices normalizing. Key factors to watch in 2024 include the Prospective Plantings reports, the transition into La Nina, the Brazilian soybean crop, and exports from China.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

For farmers who are in grain, oil, energy and hay production, the CattleFax session at NCBA National Convention in Orlando may have had the answers to your questions. Corn Corn was a big topic of conversation, and while more information will come with the prospective plantings report in March, here are the main points as presented by CattleFax. Overall, in 2023, there was an increase in acres of corn planted and record-high yield. Demand was slightly increased but not enough to offset production, leaving stocks-to-use in a comfortable position going into 2024. The weather, particularly how dry it will be, is going to be the big indicator of the amount of corn planted this spring, but it is predicted there will be a decrease of some kind. “Additionally, as we head into July, we'll be paying attention to yield,” says Troy Bockelmann, CattleFax director of grains, protein and global trade. “If you look at the last five years, we've seen yield run about 2.5 percent below the long-term ...
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