In its latest crop progress report, the USDA is pegging a 169.5 bushel per acre yield for corn despite declining crop conditions in the I-states.
“Any slip on the yield and you start reducing carryout,” said Hueber. “The old line of reasoning is if carryouts are moving, lower prices tend to move steady to higher. It’s a question mark on how much do we take that down.”
He said if corn slips below 2 billion on ending stocks, people pay attention.
Hear Hueber’s full thoughts on AgDay above.