A "production" error was made following harvest as the national yield estimate was simply too low. Thoughts are, producers in Minnesota, the Dakotas and other areas to the north may have actually had much better yields late in the season than what the USDA had estimated.

This is the first time EVER in the March Quarterly Stocks Report that off-farm stocks were larger than on-farm stocks. This generally never happens until the June report. Thoughts are, the farmers (who now have more storage than ever) were not accurately reporting the number of bushels they had in storage. Once more of the corn was moved to the commercials, the accuracy and participation rate of the voluntary surveys greatly increased, and the USDA followed by making the appropriate adjustments.

There is talk a mistake could have been made in regards to corn "in transit." Meaning, the USDA didn't have a good handle on what was being transported or moved. Remember the Mississippi river was having some serious problems around this time frame, and perhaps more grain was stuck on the river or "in transit" than many had estimated.

A mistake was made by adjusting the feed usage numbers higher back in the March report. There may have been more feed alternatives being used than recognized. Most believe this feed usage number will need to be reversed. The question is by how much: 200 million, 250 million, 300 million?