Global Corn Stocks Shrinking.

There were no huge surprises in this morning's USDA report, but perhaps the most encouraging aspect is what has happened to world corn carryover the past three years. Supplies are getting tighter without a major crop failure.

USDA says there will be 113.73 million metric tons of corn left over at the end of the next marketing year. This compared to 124.44 mmt at the end of 2001-02 and 150.74 mmt at the end of 2000-01. In other words, global corn supplies have been cut by nearly 25% in just three years.

Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.