Feed prices remain a hot topic in the livestock complex and we should get some additional information from USDA when it updates it’s supply and demand estimates on November 9. At this time the market still does not have a firm grasp of the total supply coming from this year’s harvest. There is some expectation that USDA will further lower its yield estimate. Harvest has been relatively good in some of the northern states and it remains to be seen if that will be sufficient to offset the disappointing results of the harvest in other states. We will provide a more complete update on this once we receive the regular analyst survey prior to the report. As the supply questions are settled, the market will start to focus more intently on the demand side in the grain complex. According to the latest USDA report (which will be updated next week), the total US corn supply for the marketing year which started on September 1 was estimated at 14.382 billion bushels. Of this supply, 1.708 billion bushels was inherited from last year and 12.664 billion bushels was expected to come from this year’s harvest.

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