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Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
Bearish USDA report being digested by the trade this morning. Most analyst were thinking the USDA would push the corn yield down below the 122.8 yield number released this morning. In addition the USDA decided to keep "harvested acreage" unchanged for both corn and soybeans. As a result total US corn production was estimated at 10.727 billion, well above most all trade guesses. In addition ending stock were raised in both 11/12 and 12/13 marketing years. On top of this the USDA raised global ending corn stocks in both years as well. Not really sure how, but none-the-less they "RAISED" the ending stocks rather than lowering them. Some additional highlights are as follows:
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