A month of persistent rain across the Midwest kept corn farmers out of the fields and forced the USDA to do an about-face on their heavy 2019/20 balance sheet projections, cutting carry-out by 810m bu, the largest monthly decline in 30 years. With wet weather in the forecast, additional production downgrades are possible – for corn and soybeans. In this week’s ACMR podcast episode, G&O analyst Michael Magdovitz talks to ACMR head and G&O global strategist Stefan Vogel about the June WASDE changes, along with the risks ahead for corn, soybeans, and wheat. Join Michael and Stefan as they evaluate the potential weather premium relative to global grain & oilseed availability, and hear their price risk bias going forward.

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