PEORIA, Ill. – One agriculture expert spending part of his week at the Greater Peoria Farm Show says he’s feeling pretty bullish on corn and soybeans in the next planting and harvesting seasons.
Todd Hultman is a grain market analyst with ag data company DTN, says after tight supplies of last year for various reasons, prices have turned ended up rather well for farmers, which puts next year in a good place, too, for sellers.
“There’s nothing wrong with taking the prices that they’re looking at right now,” said Hultman. “We’re seeing some very good prices in corn and soybeans. However, I will say I think time is in farmers’ favor when it comes to corn, because the next big crop in the world really won’t take place until July, when Brazil has their second crop.”
In other words, Hultman says, sell early and you’ll be okay. Sell later and you’ll be even better. Or, split it up and sell at both times.
Hultman soybeans should have an exceptional year in 2023.
“The demand for soybeans is phenomenal,” said Hultman. “The soybean processors have never seen this good of margins before, and it’s all because of the new product of renewable diesel, and how that’s sopping up our bean oil supplies. For the first time in history, we have strong demand for both sides of the crush — both meal and oil.”
Hultman says just as there were concerns this year about supply, especially in the corn market, there will be some outside concerns this year as well.
The Greater Peoria Farm Show continues until Thursday afternoon at the Peoria Civic Center Exhibit Halls.
