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The acreage report scenario made for a much more challenging argument to a change in market sentiment.  By using the most recent acres for corn, we could see USDA report on July 12th come with ending stocks somewhere in the neighborhood of 2.35 billion bushels.  While we believe a reduction in yield is warranted, we don’t believe the USDA will respond that quickly.  If the USDA were to leave harvested acres at 83.4 million and yield at 181 bpa, sub $4 corn will likely stick around for a while.   We believe a reduction in harvested acres is warranted considering all the flooding taking place in the upper Northwest Corn Belt.  We have seen estimates as high as 1 million acres have been flooded out.  There will be a lot of fields with 200+ bpa APH that yield 150 bpa or less this year as well.  While a strong performance from the Eastern half of the Corn Belt will go a long way to offset this, we still have a hard time believing we are destined for a new record yield.  By reducing yield to last year’s record of 177.3 bpa, and taking into account flooded acres, that brings ending…

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