Corn Shows Large New Crop Numbers, Trade Ends the Day Mixed May 12, 2023
USDA has only adjusted the March Prospective Planting acreage number one time on the May supply/demand report, back in 1996. USDA has been active with adjusting yields from trend on the May report but generally does so when planting is over or under a normal pace. Based on that method USDA was correct to use 181.5 bpa trend yield. Allendale does suggest there is a need for summer price risk as we are entering summer with moisture deficits in many areas and private forecasters remain concerned over moderate headwinds for Western Cornbelt moisture. As a reminder, moisture in May and first half June are not determinants of final yields.
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