Analysis of NASS’s Sep Stocks Report
Final 2019/20 US corn stocks were pegged at 1,995 Mil, 260 Mil Bu below the USDA’s estimate in mid-September. Jun-August feed/resid disappearance is calculated at 928 Mil Bu, the largest since 2005/06. NASS also raised Mar-May residual by 205 Mil Bu, thus lowering June 1 beginning stocks. Wednesday’s USDA release reflects yet another decline in…