May 11, 2012

US corn ending stocks projected higher

The USDA released its first estimates of supply and demand in the new marketing year beginning Sept 1 on Thursday (May 10), and pegged 2012/13 US corn ending stocks at 1.881 billion bushels.

This is higher than trade estimates, which are at 1.714 billion.

The department pegged this year's US corn crop at a record 14.790 billion bushels.

New-crop US soy ending stocks were estimated at 145 million bushels, below trade estimates for 164 million.

The USDA forecast old-crop 2011/12 US corn ending stocks at 851 million bushels, above trade estimates for 749 million. Old-crop US soy ending stocks were pegged at 210 million bushels, below expectations for 214 million.

In its first estimate of the US winter wheat crop this year, the USDA pegged production at 1.694 billion bushels, above trade expectations for 1.639 billion.