Post-Report HOT TAKE

July 12

Corn

Let’s start with old crop, where there was some significant shuffling on the demand side as feed/residual were increased 150mbu, partially offset by a 75mbu reduction in exports and 25mbu reduction in ethanol demand.

The net effect was a 50mbu decrease to 2022/23 ending stocks at 1,402mbu - coming in slightly below the average trade guess at 1,420mbu.

New crop, on the other hand, saw all of its changes on the supply side of the balance sheet.

Yield was cut 4bpa to 177.5 - the first June to July change since a 20bpa drop in 2012.