In a rare move, USDA cut the June 1 corn stocks by 205 million bushels. That drove the September stocks number down. In effect, USDA said it was too high on its 2019 harvested corn acreage. Northern Crops Marketing and Investment President Brad Paulson says this revision recognizes last fall’s difficult harvest. “The terrible weather we had last fall and the yields that were trimmed up with the early snow finally showed up.” Analysts recognize the challenges USDA had in estimating harvested corn acreage last year with a tremendous amount of prevented plant, farmer confusion on reporting PP and the corn left standing over the winter in North Dakota.
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