NEWS
Fundamentally Speaking
Thu Jan 24, 2013 08:39 AM CST

Giving the corn market a recent bounce was the surprisingly low December 1 corn stocks figure of 8.030 billion bushels, about 200 million bushels below trade expectations.

This figure is even more surprising in light of a final production report 120 million bushels greater than what had been anticipated implying Sep-Nov 2012 usage was far higher than had been calculated.

With the ethanol grind and exports pretty well known and actually running below the December USDA projections, this implies that feed/residual demand in this period was much higher than had previously been estimated.

As ...

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