Jerry Gulke DTN Columnist
Mon Mar 11, 2013 06:28 AM CDT

USDA increased corn imports 25 million bushels and lowered exports 75 mb. Consequently, USDA had an extra 100 mb of supply that could have been used to increase ending stocks by 100 mb. But USDA did not increase ending stocks, electing instead to increase feed usage and leave ending stocks unchanged. This suggests USDA does not see our pipeline supplies at 632 mb going any lower.

So far, USDA must view the good basis as an indication that stocks are indeed tight for corn and proof that feed demand has not faltered. Or, USDA is playing it safe and deferring ...

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