Corn Sees An Inside Day Ahead of Report Day February 7, 2023
Average trade estimates for Wednesday's monthly USDA suggests old crop corn ending stocks up from 1.242 billion on 1/12 to 1.266. Allendale is at 1.317 with an assumption of +25 million feed/residual, -50 corn for ethanol and -50 exports. We expect further increases in old crop stock estimates after this report with something in the upper 1.3's likely. It will take USDA some time to recognize this estimate.
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