Possible Corn New Crop S/D Tight – 04/15/2021
The USDA has scheduled the first new crop corn supply/usage balance of the 2021/2022 crop year for May 12, 2021. In the accompanying balance table we have assumed US corn area planted at the March Prospective surrey level of 91 million acres and the February Benchmark data for the yield and new crop corn usage estimates. USDA could trim the new crop feed usage estimate thinking that $5.00 plus corn could ration usage.
Our balance results in a carryout to stocks usage ratio of 10% which is relatively tight considering there is a whole spring & summer of weather risk ahead.