USDA Report

I am watching both USDA report releases today. I think the trade is underestimating corn used for ethanol this year and next, and that the ending stocks of corn may be less than the trade expects for the 2021/2022 marketing year. As always, the most important part of the day is to watch the trade reaction *after* the report and the price action from 11:30 AM into the close of trade.

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