The old corn market suffered a sudden and inexplicable death last Thursday when USDA pegged 1 March corn stocks to be about 400 million bushels (11 MMT) larger than the average trade guess and a full 200 million bushels above the largest trade guess. Old crop corn futures were down the 40-cent trading limit following the report's release and were down another 40 cents or more today with expanded trading limits. The post-mortem analyses will drag out for several days (maybe weeks) because the report raised more questions than it answered, including the following.

How does corn feed usage increase 13 percent in the first quarter and decline 37 percent in the second quarter with no appreciable change in livestock numbers? Feed usage was...