We mentioned that old crop stocks are going to remain tight. USDA is projecting extremely tight stocks at 1.257 bb but given the fact that demand is running at a pace ahead of USDA’s target that number could get even smaller. It’s also worth noting that even with trendline yield USDA is projecting new stocks at 1.507 bb. That is up a little bit from this year but it is still a very tight stocks level and that means there is no room for error when it comes to growing this year’s corn crop.