The Objective Estimate of 2.2 billion lbs came out July 3rd and shocked the industry as prior estimates ranged from 2.5 - 2.57.
New crop pricing spiked $0.40 - $0.50 / lb.
Trading has been very limited as buyers are skeptical of the estimate.
Trading is expected to pick up sometime in August as buyers have not covered themselves long term.
More updates coming soon.