U.S. corn and soybean ending stocks projections have rapidly gotten tighter since the first set of estimates were released in May.
Allendale’s Chief Strategist Rich Nelson tells Brownfield crop loss and stronger than expected demand have cut the guesses for both crops by about 50% and there’s no real frame of reference, “These are wildly different than we expected at the start of the year and certainly quite different than what we expected as recently as June, and no we don’t have a good amount of historical precedence for this.