USDA Drops Soybean Stocks, Raises Corn
The USDA has released the latest Grain Stocks Report, which shows corn stocks are up 41% from September 2014, soybean stocks are up 108%, and wheat stocks are up 10%.
Based on an analysis of end-of-marketing year stock estimates, disappearance data for exports and crushings, and farm program administrative data, the 2014 soybean production is revised to 3.93 billion bushels, down 41.7 million bushels from the previous estimate. Planted area is revised down 425,000 acres to 83.3 million acres, and harvested area is revised down 470,000 acres to 82.6 million acres.
"The numbers will be shrugged off quickly, and the market will trade harvest activity," says Cory Bratland, Kluis Commodities.
Click here to read the full report from USDA.
Discuss the report in Marketing Talk.