Rally Forecast for Corn Prices
The price of 1984 corn still may rally, but soybean and new crop corn prices are not likely to rise unless there is poor weather, an agricultural economist said.
“But unless demand prospects improve, even weather-related rallies will be tempered,” said Darrel Good of the University of Illinois. “Price expectations should not be set very high.”
The price of both corn and soybeans has declined since a modest rally early this spring.
Good said there is plenty of old crop corn and the new crop is in good condition and well ahead of schedule in its development.
“Export prospects for the remainder of this crop year and into 1985-86 are not very bright,” he said. “However, free market stocks of corn still are projected to be very tight by late summer.”