GLGT Blog

The 2023-24 corn season presents a mixed picture for the U.S. market. While yields and quality generally appear favorable across most of the Corn Belt, there are pockets of concern in certain areas.

Despite this overall positive outlook, yield projections have been trending downward, though quality remains satisfactory. The market sentiment is largely neutral, with the exception of the West Coast, where increased imports are exerting downward pressure on prices. This situation is likely to result in heightened price pressure throughout the corn market system. Organic corn imports are playing a significant role, with 11.9 million bushels projected for the 2023-24 marketing year, accounting for approximately two-thirds of U.S. organic corn needs. The estimated carryover for 2023-24 stands at 4.6 million bushels. According to the USDA, crop maturity is slightly behind last year but ahead of the five-year average, with 61% of the crop mature compared to 65% at this time last year and the five-year average of 55%