date:Dec 13, 2012
force demand cutbacks if necessary.
Of the three main demand component, feed, ethanol and exports, we have good monthly visibility of only the latter two. Feed demand is pretty much an unknown/unknowable factor and it is derived as a residual.
Basically we know how much was fed to livestock and poultry after taking an inventory of grain stocks and deducting how much corn went to industrial use or was shipped outside of the country.
So far, the data on exports and ethanol appears to indicate