date:Jan 04, 2013
determined by the size of 2013 crops.
Smaller corn crops in other parts of the world and continuing strong demand will reduce overseas inventories on top of the obvious reductions in U.S. stocks that have resulted from the poor 2012 crop. Argentine corn production, which, at 827 million bushels, was down 17% yr/yr last year, is expected to improve to 1.102 billion bushels this year a gain of 33%.
Stable U.S. acreage and a return to a trend yield (which Dr. Goods slides indicate would be abou