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eastern Nebraska | 4th Qtr feed use for corn is projected down 29% (280mbu) from last year, while total livestock numbers are down less than 2%. More wheat was probably fed than is in the balance sheet, but not that much. Maybe relatively more feed ownership was taken in the 3rd, but used in the 4th. Expensive feed leads to lighter slaughter weights. But that's a big number to justify. Strong basis in the cash has some folks in the trade thinking the final '21 carryout/'22 carry-in is going to be smaller, perhaps significantly.
Edited by LODI 9/29/2021 19:23
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Grains...
