The Usda report was a game changer in a sense. The market has been able to fill the gap at 392.75 dec. The reduction in stocks opens the door for a carry in the 1.6 billion range. The weather now will be important and price important as the lack of maturity could push further yield reductions. This would be a very supportive factor and one whick should keep a bid under corn until final numbers are known. The potential targets could be in the 401-412 range. If this comes to fruition this represents opportunity for sales. It is important to look at the dec 20 as well . The long term outlook is in tact with stiff competition from global producers. It will be important to see final acreage in the SA region as well. The main point is that there is a window of opportunity here and when presented take advantage of it. These are offered as thoughts,any trades or hedges need a quantified risk.
