Is $7.90 Corn Bearish or Bullish?

USDA’s most recent World Agricultural Supply and Demand Estimate report did little to clear up the picture about what farmers might do with the bounty they’re expected to reap from record-high crop prices. 

In its September 12 announcement, the ag agency lowered expected corn yields to 122.8 bushels per acre, down from 123.4 bushels, but raised its ending corn stocks forecast by 13% to 733 million bushels. (Industry consensus was 609 million bushels.) At the…

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