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S Illinois | The last WASDE already had record corn demand(not exports as they are expected to be off 75mb) for the upcoming year. So the market knows we will see record usage each week/month. But thats a 12 month process. What is more in the moment now is how big of pile that demand has to work with. If that pile is 400mb bigger than thought 3 months ago, the market has to find a place for that either in demand or storage.
It's very tough to have a demand led rally with the whole usage year in front of us. Production changes are much more important now. Its also a big driver of seasonality in the markets. | |
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Green
