Last Thursday’s USDA update provided some important insight into both old and new crop outlooks. While the Prospective Plantings report gave us a starting point for new crop production (read my thoughts on what those numbers had to say here), the quarterly stocks data allowed us to reconcile old crop demand with projections. When it comes to demand, we are able to watch progress relatively closely throughout the year to make sure we are on track with where we should be on usage. For corn, there are three main demand sectors, ethanol, exports, and feed, while in soybeans, there are two, crush a…