Kick the Can Down the Road

USDA made only minor changes in the June supply and demand report. Comstock Investments Director of Managed Programs Joe Camp says USDA kicked the can down the road. “The USDA analysts are looking somewhat lazy when you’re seeing the old crop (corn) balance sheet not changing at all even with the past month’s worth of data on usage,” said Camp. “The expectation was we could see both ethanol and exports raised slightly higher; both of those components of demand are doing better than what USDA targets would have suggested” With late-May planting, Camp says the Agriculture Department could have cut corn yields, but left that figure alone.