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How Will the December 1 Corn Stocks Estimate Be Interpreted

It is always a challenge to anticipate the USDA’s quarterly estimate of corn stocks, but the estimate of the December 1 inventory, to be released on January 12, 2015, is a special challenge. Not only is there the usual uncertainty about the magnitude of feed and residual use of corn during the first quarter of the marketing year, there is uncertainty about the potential change in the corn production estimate that is released on the same day.