date:Nov 02, 2012
re's still a lot of demand destruction that needs to happen before supply and demand match up more closely.
Based on the current forecast of the crop size, imports of 75 million bushels, and the assumption that year-ending stocks cannot be reduced below about 5% of consumption, corn consumption during the current marketing year will be limited to about 11.2 billion bushels. That is 1.326 billion bushels (10.6%) less than consumed in the previous marketing year.
The USDA has forecast a decline