AgResource Analysis of the January USDA Report
US corn stocks in 2019/20 will be more than adequate, and concern over US inventories now shifts entirely to the timing and tonnage of Chinese demand in 2020. ARC notes that US corn stocks/use is now pegged at 13.4%, vs. 13.7% previously. This in turn implies that March corn at $3.80-3.85 is valued fairly but…