USDA Report: Corn Snippets

This afternoon's eagerly awaited USDA crop report pegged 2008 US corn production lower than last month's estimate of 12.288 billion bushels, and also below the average trade estimate of 12.152 billion at 12.072 billion bushels.

Yields were cut 2.7 bu/acre to 152.3 bu/acre.

The numbers are far from a disaster as if realised production and yields would be the second highest on record.

Corn ending stocks of 1.018 bb, down from 1.133 bb in August, reflect the cut in production, partly offset by a 100 mb cut in feed use.

Ending stocks of this magnitude should cap any rallies from getting too carried away tonight.