Jun 21, 2018 02:04 PM
There is fundamental support for a long-term, slow grind to the upside for corn. The May Supply & Demand Report from USDA featured a year-to-year 500-million-bushel cut to projected U.S. carryover. USDA also projected global corn consumption in 2018/19 will outpace global production by about 36 million metric tons, resulting in a slashing of global corn ending stocks. The domestic and global balance sheets for corn should keep “lift” in the market to attract more acres in 2019.