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S Illinois | 2011/12 US stocks to use in that May 2012 WASDE was 6.7% with an average estimated US price of 5.95-6.25.
2020/21 Stocks to use are at 8.4% with the bulk of the usage at much lower prices with US average farm price of $4.35
We are not as nearly as tight on corn as what we were in May 2012. We also have not been price rationing corn for a whole year like occurred with the 2011 crop. Between the initial 2012 estimate released in May 2012 and the final estimate, 4 billion bu of US production was cut. We may go higher, but fundamentally we are not facing what was faced in the summer of 2012 as of now. | |
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Just a reminder on crop ins
