AgResource Analysis of August USDA Reports
WASDE did well to cut Brazil’s total corn crop 6 MMTS to 87 MMTs. Another 3-4 MMT trimming is probable in September. However, the USDA raised Ukrainian production to a new record 39 MMTs and raised Russian production 2.6 MMTS (20%) to a record 16.5 MMTs. Black Sea corn production of 55.5 MMTS would exceed…