Today, our team is carefully watching the corn feed usage projection in the big USDA reports at 11 AM. We want to see if the USDA projection in the December 2019 Grain Stocks report (that first quarter feed usage had increased by 19%) is correct. The USDA may correct that error, and take feed usage lower in this month’s report. That may result in a corn stocks estimate that is larger than the trade is expecting.
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