USDA US Carryover Summary/Revised Call
For a report that wasn't expected to throw up much in the way of surprises the USDA did their best with corn. Carryover stocks for corn, beans and wheat were all higher than anticipated. In the case of corn MUCH higher.
2008/09 Soybean ending stocks had been expected to be trimmed from last month's 205m bu to 200m, in fact the USDA left them unchanged.
2008/09 Wheat ending stocks were expected to come in at 596m bu, down slightly from 603m last month, in fact the USDA raised them to 623m bu.
2008/09 Corn ending stocks were expected to increase due to slower exports and waning ethanol demand. Stocks were called up from 1.124 billion bu last month to 1.232 billion this month, in fact the USDA raised them to a whopping 1.474 billion.
The soy figure was there or thereabouts, wheat a bit on the high side, but corn was much worse than feared.
Revised calls for this afternoon's CBOT session: Corn Down 15-20c; Wheat Down 5-10c; Soy Unch.
2008/09 Soybean ending stocks had been expected to be trimmed from last month's 205m bu to 200m, in fact the USDA left them unchanged.
2008/09 Wheat ending stocks were expected to come in at 596m bu, down slightly from 603m last month, in fact the USDA raised them to 623m bu.
2008/09 Corn ending stocks were expected to increase due to slower exports and waning ethanol demand. Stocks were called up from 1.124 billion bu last month to 1.232 billion this month, in fact the USDA raised them to a whopping 1.474 billion.
The soy figure was there or thereabouts, wheat a bit on the high side, but corn was much worse than feared.
Revised calls for this afternoon's CBOT session: Corn Down 15-20c; Wheat Down 5-10c; Soy Unch.
