In July they lowered Corn carryout in the WASDE due primarily to additions to exports and feed and residual error.

The trade was looking for a 200 million build but WASDE was flat.

Now again it would appear that the trade is looking for a 2.3 to 2.5 billion carryout due to production.  Everyone seems to be ignoring WASDE price forecast of $4.30 average farm price.. which would be an average of $4.50 or higher.. with a more normal basis.

What says you?

What are we trading?

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