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S Illinois | From a fundamental side of things in 2001 we got a 600k reduction in corn acres in the Jun acreage report. However 2000 corn carryover was ratched up in the July report by 5 mil bushels to 2.053 billion bu or a stocks to use ratio of 21.3%. Also crop conditions that year were as good as this year and were improving slightly. So from this side of things the acres probably caused the runup and then the realization set in that stocks and the upcoming crop were still going to be more than adequate. | |
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