While USDA could lower its estimate of 2011 production in Thursday's monthly report, the agency is also likely to trim its old crop demand forecast. Export Sales reported Friday came in at 27.6 million bushels, with the shipments rate still well below the rate needed to reach USDA's current target. Ethanol production, though up recently, is also below the government's target, with margins turning sharply negative on higher corn prices.
As seen on Farm Futures Daily
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