Each month USDA estimates stocks and current old crop stocks are estimated at 1.257 bb. That is a new low and keep in mind, less than a year ago USDA thought stocks would be 3.3 bb and now we’re below 1.3bb which is extremely tight. Cash corn is extremely hard to find. This is going to be a supportive item as we go into June and July.

This year’s stocks at 1.257 bb is a very small number. Stocks to use approaching the tight level that we saw following the 2012 drought. But the bearish news that the market has sold off is due to next years stocks being projected at 1.507 bb and that’s possible but we have to have a big crop and demand has to be down as well in order to see our stocks increase to that level next year.