Feb 14, 2012

No Big Surprises in USDA Grain Numbers

USDA’s U.S. corn stocks numbers moved in the right direction for producers – down – but not to the extent the trade expected. Corn stocks are now projected at 801 million bushels, down from 846 in January, but a few million over the trade estimate of 796. Exports were raised 50 million bushels, while other use categories were unchanged. The resulting stocks-to-use ratio is 6.3%, versus 8.6% for the 2010-2011 crop year. The season average price range for 2011-2012 corn was narrowed at both ends, to $5.80-6.60....More

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