Last week, WPI published our mid-July outlook for a few – in our view – likely scenarios for the U.S. 2023/24 soybean balance sheet. To add to that effort, this article discusses our outlook for the U.S. 2023/24 corn balance sheet in the context of low/high yields and steady/weaker U.S. dollar levels.  Yield Expectations  As WPI frequently notes, early-season crop condition ratings have little correlation with final yields and, for corn, it is the July and August ratings that have the highest (but still imperfect) impact on yields. More importantly, heat and precipitation during pollination is highly influential with high temperatures – especially when sustained overnight – having significant negative imp...

TAGS – Feed Grains, North America