Table 1: Jul - Dec Corn Max Spreads vs. Ending Stocks/Usage
2018/19 Possibilities
Source: USDA & The Hightower Report
1,125 1,000 875 750 625 500 375 250 125 0
Assumes: 89.6M Acres 2018A: 49.7 bu/acre 2018B 50.7 bu/acre 2018C: 52.8 bu/acre
Ending Stock Stock/Usage
27% 24% 21% 18% 15% 12% 9% 6% 3% 0%
High Higher Record Yield Yield 89.6 49.7
89.6 50.7
17.4%
19.5%
Yield 89.6 52.8
24.0%
Source: USDA & The Hightower Report
Mark Bowman The Hightower Report E:
info@hightowerreport.com
This report includes information from sources believed to be reliable and accurate as of the date of this completeness. Opinions expressed are subject to change without notice. This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/ or commodity option thereon. The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully consider the inherent risks of such an investment in light of their
31 | ADMISI - The Ghost In The Machine | July/August 2018
Stocks / Usage Ratio
Ending Stocks (Million Bushels)
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2018A 2018B 2018C
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