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Corn jumps on USDA report

01/11/2013 @ 11:30am

The USDA released bullish corn, soybean, and wheat data Friday, as less stocks were found to be on hand as of December 1.


As a result, the CME Group corn market jumped 23 cents in three seconds, at 11:00 am CT. At 11:20 am, the March corn futures traded 16 cents higher at $7.15 per bushel. The January soybean futures traded 7 cents higher at $14.25, but deferred contracts were lower. The March wheat futures are trading 22 cents higher at $7.67. 


GRAIN STOCKS

In its annual Crop Production and Grain Stocks Reports, the USDA pegged the U.S. corn stocks, as of December 1 at 8.03 billion bushels vs. the average trade estimate of 8.2 billion bushels. Soybean stocks, as of December 1, is estimated at 1.966 billion bushels vs. the average trade estimate of 1.984 billion bushels. For wheat stocks, the USDA pegged the U.S. supply, as of December 1, at 1.66 billion bushels vs. the average trade estimate of 1.674 billion.


CROP PRODUCTION

The USDA estimated the U.S. 2012 corn output at 10.78 billion bushels vs. the average trade estimate of 10.626 billion bushels and the government's December estimate of 10.725 billion. For soybeans, the U.S. farmers produced a crop of 3.010 billion bushels vs. the average trade estimate of 2.999 billion bushels and the USDA's previous estimate of 2.971 billion bushels.


In its report, the USDA estimated the average U.S. corn yield at 123.4 bushels per acre vs. the average trade estimate of 122.4 bushels per acre and the USDA's December estimate of 122.3 bushels an acre. The USDA estimated the 2012 U.S. soybean yield at 39.6 bushels per acre vs. the average trade estimate of 39.6 bushels an acre and the government's previous estimate of 39.3 bushels per acre.

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