AgResource Analysis of the Dec WASDE Report
The caveat is one of uncertain Jan-Feb weather in Argentina. The USDA lowered major exporter corn stocks/use to 8.6%, vs. 8.8% in November. South American balance sheets were left unchanged, but Ukrainian production was lowered a sizable 4.5 MMTs. Exporters stocks/use above 8% is comfortable, but there remains concern over Argentine yield potential. Should Argentine…