Posted 6/30/2020 13:38 (#8345499) Subject: I assume all the below post
I assume all the below post are complaining how wrong the USDA is. I mean if I said yesterday 92 million acres of corn no one would have agreed so it only makes sense the USDA has to be wrong. We only planted 3 million more corn acres than last year can’t be right. There is no way we only planted 176 c/b. I’m just glad to no I’m not always reading a bunch of Hippocrates posts.
That said with higher stocks than expected it is still going to be all about yield. 180+ is still very bearish. 175 supports current price imo. I would still be in the camp it would take a 165 or lower to think about $4 with the current demand outlook.
Today just further ingrains my theory the USDA has slack in the system in order to manage price.