Commodity Update – Brody Padgett – Fall 2023

The 2023 crop year is quickly coming to an end as the majority of producers in our area have completed their harvest.  While there were certainly pockets of below average yields, and several producers had to fight through downed corn, overall it seems that our local crop exceeded expectations and should be a sufficient supply for the coming year.  At CVEC, we had a record October in terms of harvest corn deliveries, thanks in part to a good crop, but also thanks to the dedication of our employees and staff offering farmers almost 300 hours throughout the month for them to deliver corn.  Looking forward, an ample U.S. corn supply will likely mean that corn prices will struggle to move higher without production issues elsewhere in the world.  Locally, basis levels will likely be above average as we move into winter and processors work to incent corn movement.  However, the large supply of unpriced corn and a slow start to the U.S. export program will temper any corn rallies in the short term.

As we move into the new year, please feel free to reach out to Sara or myself if you have any questions about BCP purchases, or new CVAC delivery options.  From all of us here at CVEC, we’d like to wish you a happy holiday season and look forward to seeing you all at the annual meeting in January!