Coming off the 2023 growing season, farmers are faced with lower prices and uncertainty. Looking to 2024, ADM’s Dan Bowman said the outlook is “cloudy” as supply exceeded expectations and uncertainty on demand.
“A lot of that uncertainty on the demand side centers around the South American production cycle, which is off to a little bit of a rocky start from a weather perspective,” said Bowman. “We have had three years of higher prices than normal, which is a longer cycle than history would tell you from the past side of things on high prices.”
Bowman added farmers could see a spurt in the market if weather challenges continue in South America.
