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Many in the trade are still using a trendline corn yield of 181 bpa or higher and will do so until the USDA tells them different.  They will also use the 91.5 mln planted acres from the June Planted Acreage report, up 1.5 mln from March intentions. They will also add 100 mln bushels or so found in the quarterly stocks report to the carry in as well. More acres and more stocks will have created an additional 300 mln bushels more supply that is likely to get reflected in the July WASDE report making it unlikely to do anything other than confirm the bearishness. Cheaper prices help demand so they should adjust for some improvement in consumption but nowhere near enough to offset the increased supply. Their projected carryover will be likely to increase by 200 mln bushels. It is also very likely that most of the 1.5 mln acres that USDA added to US corn production in their June acreage report, if planted, were washed away in our 2024 flooding but USDA will add them to their July WASDE balance sheet calculation first and it may take until November for them to be subtracted again. That is as…

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