date:Apr 10, 2013
ing any meaningful changes to th e ethanol demand part of the balance sheet. Other industrial use numbers may be changed at the margin but chances are USDA will leave food, seed and other use unchanged.
Even if corn exports are revised modestly lower, the balance sheet implies that the feed and residual numbers will likely be revised lower. If the trade estimate of 824 million bushels is correct, and considering our discussion of exports and ethanol above, feed and residual for 2012/13 may be l