| With a smaller acreage planted than in recent years, total production should hover around 14B give or take depending on yield.
Todays balance sheet probably show an ending stocks for 18/19 aroiund 1.725ish. That includes a 200mb decrease in feed usage and another 200 mb decrease in exports. The feed # looks suspicious as there are projected to be more critters to feed than the past year, and the export # looks questionable, who knows how all the trade issues will develop.
Bump up usage in these to segments 250-350 mb and the carryover looks snug.
Corn price represents value today. IMO |
Corn usage..the question that needs to be asked.
