Home / News / Crops news / USDA drops U.S. grain supplies

USDA drops U.S. grain supplies

12/10/2010 @ 8:24am

CHICAGO, Illinois (Agriculture.com) --The USDA released neutral-to-bearish grain reserve numbers Friday.

In its December Supply/Demand Report, USDA lowered the amount of U.S. corn and soybeans expected to be leftover at the start of the new marketing year of September 1, 2011 for corn and beans and June 1, 2011 for wheat.

Tim Hannagan, PFGBest.com senior grain analyst, says the numbers were not dropped enough. "I see the report neutral to bearish, as corn and wheat came in over pre-report trade guesses on ending stocks. World wheat and corn stocks are higher. The numbers were not too far off guesses. So, it was a little bit conservative of a report. No big surprises."

For corn, USDA estimated the 2010-2011 U.S. carryout at 832 million bushels versus the average trade estimate of 803 million bushels and the government's November estimate of 827 million.

For soybeans, the USDA 2010-2011 U.S. carryout is pegged at 165 million bushels, compared to the average trade estimate of 167 million bushels and the USDA's previous estimate of 185 million.

The U.S. 2010-2011 wheat carryout estimate is 858 million bushels versus the average trade estimate of 849 million bushels and the November estimate of 848 million.

World carryover

On Friday, the USDA estimated the 2010-2011 world wheat carryover at 176 million metric tons compared to its November estimate of 172.5 million metric tons.

For corn, the 2010-2011 world carryover is estimated at 130 million metric tons versus a November estimate of 129.2 million metric tons.

USDA estimated the 2010-2011 world soybean carryover at 60.1 million metric tons versus its November estimate of 61.41 million metric tons.

CancelPost Comment

2016 Basis Prices Vary Widely Depending on… By: 11/25/2015 @ 2:24pm This marketing year, farmers who are looking to pick up a few more cents per bushel for their corn…

Soybeans Close 11¢ Higher Wednesday By: 11/25/2015 @ 8:48am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the bulls stole the feast from the bears, with…

Soybeans, Corn End Lower Tuesday By: 11/24/2015 @ 8:50am DES MOINES, Iowa (Agriculture.com)-- On Tuesday, the CME Group's corn, soybean and wheat…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Successful Marketing Newsletter