wherein he and his colleagues work up 3 scenarios for corn supply/demand dynamics, based on a "low production" or "high production" or "likely production" scenario.
Looks like the 4% reduction in planting would take us more toward the low production scenario worked out by the KSU experts, which generates an avg corn price for marketing year (MY) of $4.80/bu, with about 50 cents plus or minus.
Their "likely production" scenario would have meant an avg corn price of ~$3.90/bu.
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