Corn remains in a downward trend
For The Week: for the week of September 8, December corn futures value increased 2.6%, November soybean futures value increased 2.1% and December CBOT SRWW value decreased by 4.3%.
For The Month: thus far for the month of September, December corn futures value down 3.8%, November soybean futures value down 9.3% and December CBOT SRWW value down 10.2%.
Special Report on USDA's September 12th Monthly Crop Report
Corn Domestic Stocks and Stocks to Use: 2007/08 presently estimated at 1.576 bil bu vs August's 1.576 billion bushels vs 2006's 1.304 billion. For 2008/09 end stocks are projected at 1.018 billion bushels vs August's USDA estimate of 1.133 billion bu. 2007/08 Stocks to use for September estimate is 12.3% vs 12.3% last month vs 2006's 11.6% and 2005's 17.5%. USDA's 2008/09 estimate for end stocks to use is 8.1% (second tightest dating back to 1980) vs August's estimated 8.9% with 1995 the lowest at 5% dating back to 1980.
World Stocks and Stocks to Use: 2007/08 world stocks of 123 million tonnes vs last months 122 million tonnes vs the previous years 109 million tonnes. USDA 2008/09 September end stocks are estimated at 110 million tonnes vs its August estimate of 112 million tonnes. 110 million tonnes of world end stocks would represent the fifth tightest dating back to 1980. Record high world stocks was 1986's 205 million tonnes. Record low end stocks for the world was 1983's 89 MMT. 2007/08 End stocks to use at 14.2% vs 14.0% last month and compares to USDA's 2008/09 September estimate of 12.5% vs August's estimate of 12.6%. At 12.5% end stocks to use, it represents the lowest on record dating back to 1980 with the second tightest in 2006 of 13.2%.
Season Average Farm Price: USDA estimates the Sept 2008/09 Season Average Farm price at $5.50/bushel vs its August estimate of $5.40 bushel. The SAFP for 2007/08 is $4.20 and 2006/07 was $3.04/bu.
Wheat Domestic Stocks and Stocks to Use: 2008/09 end stocks are projected at 574 mil bu via the September WASDE vs 574 million bushels estimates in the August WASDE. 2008/09 end stocks to use projections are 25% for the Sept WASDE report vs the same for the August WASDE and up 87% year on year.
World Stocks and Stocks to Use: 2008/09 world end stocks are projected at 139 million tonnes vs the August WASDE estimate of 136 million tonnes, up 21 MMT yr on yr. This compares to the 1995/96 year on year increase of 8 MMT regarded as a notable increase. 2008/09 world end stocks to use for September is estimated at 18% vs 17.7% estimated in the month of August vs 16.2% for the 2007/08 marketing year. At 18% end stocks to use, it represents the third tightest level dating back to 1980.
Season Average Farm Price: The SAFP for 2008/09 at $7.25 per bushel for the September estimate vs August's estimate of $7.25 per bushel.
Soybean Domestic Stocks and Stocks to Use: 2007/08 presently estimated at 135 million bushels vs 135 million bushels last month vs 574 million the previous year. 2008/09 end stocks are estimated at 135 million bushels vs the August estimate of 135 million bushels. The 135 million bushels are the third least amount since 112 million in 2003 and 1996's 132 million. 2007/08 Stocks to use as of the Sept WASDE are 4.6% vs August estimate of 4.4%. The Sept 4.6% estimate for 2007/08 is the second lowest dating back to 1980, with 2003's 4.4%. 2008/09 end stocks to use for August are projected at 4.6% tied with 2007/08 vs August estimate of 4.5%.