STAY THE COURSE

Looking back at 2023 will keep you on track for 2024.

- Cassidy Walter, Chelsea Dinterman, Alex Gray, Chuck Abbott, Krissy Klinger, and Lisa Foust Prater

With a new year just around the corner, now is the time to take stock of the highs and lows of 2023 and plan for the months to come.

Seasonal Selling Secures Profits

BY CASSIDY WALTER

While commodity prices trended downward this year, Al Kluis, managing director of Kluis Commodity Advisors, says 2023 was a great example of how seasonal selling leads to a profitable year.

"It looks like we put in the bottom in corn in September and soybeans in October," says Kluis. "People who followed a disciplined approach, selling in the April, May, June time period, and avoiding August through October, again made the right move."

He also notes some of the best-selling opportunities for corn and soybeans were in January through March during the South American growing season. He says just as weather may create rallies during the U.S. growing season, the same can be said for the growing seasons in Argentina and Brazil.

Looking ahead to 2024, Kluis says commodities are likely to be impacted by ongoing conflicts in the Middle East and Ukraine. Actions President Biden's administration may take to boost the economy leading up to the election could also have an impact, he says. Yet, he still encourages producers to take a seasonal approach to selling.

"I think what worked for you in '23, has a high probability of working in 2024," he concludes.

While it's hard to say what prices will do this far out, Kluis says, with any weather trouble, July 2024 corn futures could reach $6 to $6.40 a bushel and July soybeans have the potential to reach between $15 and $15.50 a bushel.

Early Harvest Better Than Expected

BY CHELSEA DINTERMAN

Corn harvest ran early this year, with 59% of corn in the top 18 corn-producing states harvested by late October.