Joe Vaclavick’s report is out this morning.. As usual he has a good summary with data.. 

https://youtu.be/vajs84HFGEg?si=yoEs7_WlAmOn1jlW

Corn Acreage was up.. about a million acres.  Corn stocks 4.993 Billion bushels up 21% vs last year where farmer stocks are up 36.5% while commercial are only up 4.3%

Iowa farmer holdings are up 36% while commercials are actually down 16%
Illinois farmer up 71% and commercials up 23%
Nebraska is only up 5% farmer up 9% commercial up 1%

Soybeans are a little less burdensome as acreage came in below.. stocks up 22%
farmer up 44% commercials only up 6%

data below.

Joe estimates the funds are short corn a record 350,000 contracts.

I still contend that a lot of these stocks will remain sealed as farmers would have to pay taxes.. so waiting on the funds to cover.. later this fall or winter.

Merchandisers are awaiting the “tin can” harvest where some of these stocks come to market before fall harvest.

With lower prices.. do we rally into harvest?  Do buyers show up?  Do farmers cave?  Do funds cave?

 

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