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drier than normal May and 1.12B gals of ethanol

Perdue says that 1.12B gal ethanol demand lost from the Trump/Pruitt RFS waivers.


Meanwhile, May was overall on the drier side for the corn belt as a whole although it doesn't feel that way if you were in one of the wet areas. Those correlate moderately well with above normal final yields. It is early but record crop ratings sort of support that at this point.


A big crop and regulatory and trade problems will take the Government Farming business to the breaking point. 


All prospective at this moment but if those things come together I'll say I told you so- the historic coalitions that have bailed Government Farming out in the past are in tatters.