Will the USDA further reduce Corn exports?
Mar 26, 2013
Corn exports continue to disappoint, and I am starting to think the USDA will soon be making some additional cuts to their current estimate (don't be surprised if they are not substantial). Look at this way, we have only sold 586 million bushels up to this point vs. 1.28 billion last year. Keep in mind there is also close to 200 million bushel "unshipped" at this point. In addition I am also hearing that many South American producers are trying to sell corn as quickly as possible to avoid the major inverse or discount in price from the JUL13 to DEC13 contract. This could obviously push more South American corn to the ports. The question however is how long will it take for supplies to get out of the country.
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