As far as today's numbers for old crop U. S. corn, well, USDA lowered ending stocks by 50 million bushels. Keep in mind, the trade expected a 70 million bushel decline on these numbers here.  Feed residual was raised by 25 million bushels and corn for ethanol was raised by 25 million bushels. One thing we will point out about this balance sheet change is there is no change for exports estimates.

We are running a little behind USDA's current numbers, though, in the grand scheme of things.  As far as corn on the world balance sheet, looks like Argentina's crop in this case was lowered by 1 million tons, now 55. Looks like Brazil's crop was left unchanged at 124 million tons. Much of the trade expected a decline of a little more than 2 million tons on this report.

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Rich Nelson
Chief Strategist
Rich writes daily for Allendale and is a frequent guest on various radio stations around the country.

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