Newsom on the Market
Darin Newsom DTN Senior Analyst
Thu Jul 11, 2013 04:39 PM CDT

Going into the July USDA Supply and Demand reports, the key looked to be what number the government would pull out of its hat in regard to new-crop corn ending stocks. The bottom line is the report showed an increase of 10 million bushels, raising the ending stocks-to-use ratio to 15.4% from the 15.2% calculated in June.

Tracking the changes, one has to go back to the 2012-2013 marketing year. Total supplies were increased by a 10 mb adjustment to exports, leaving the production number at the still-questionable 10.78 billion bushel mark. Feed demand was upped by 50 mb to ...

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