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for September, 01.20 for December, $1.24 for March and $127 for May. This would be a little less than the normal seasonal advance, and would run about 10 cents above last year at harvest.
July 1 production estimates look for an 18 per cent reduction in corn production this year as a result of an 18 per cent reduction in corn acreage under the grain program.
However, the Secretary of Agriculture has authority to make up any deficit in com out of Commodity Credit stocks, selling them at the going cash price.
With something like 600 million bushel difference between last year’s total utilization nd this year’s indicated production, die Secretary is in the driver’? seat.
70.4%