Post-Report HOT TAKE

May 12

Printable recaps can be found HERE.

Again - this is the first of 18 reports until we are done with the 2023/24 Marketing Year. In fact - it feels like we have been wrangling 2022/23 for ages but we still have 5 more to go with that one!

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Corn

2022/23 Corn

—> US old crop corn exports were reduced 75 million bushels (and rightfully so), resulting in an uptick to ending stocks of the same. Carryout is now 1.417bbu

—> This makes the 7th time in 10 reports USDA has reduced 22/23 exports. We now sit 625mbu below last May’s initial estimate, 700mbu less than what we exported in 21/22 and almost 1 billion bushels less than what we shipped in 20/21