September 1 corn stocks are forecast below 1 billion bushels. (Graphic by Todd Gleason)

Grain stocks report bullish for corn

Grain futures higher Friday morning after USDA lowers corn ending stocks. We have comments from U of I's Darrel Good, who was interviewed by Todd Gleason of Illini Farm Report.

Compiled by staff

Published: Sep 28, 2012

Old-crop stocks of corn, soybeans, and wheat as of Sept. 1 were down compared to the same time a year ago, USDA reported Friday.

Corn stocks totaled 988 million bushels (down 12 percent from last year), soybean stocks totaled 169 million bushels (down 21 percent), and all wheat in storage was pegged at 2.1 billion bushels (down 2 percent).

Old-crop stocks of corn and wheat were a little less than traders anticipated prior to the report while the bean estimate was larger than expected.

“All in all, it was a friendly report for corn and wheat and a little bit negative for beans,” Brad Paulson, president of Northern Crops Marketing and Investments, said during a teleconference hosted by the Minneapolis Grain Exchange.

Crop prices jumped Friday but Paulson believes the markets will remain range-bound.

“I think we’re in a trading range,” he said. “I’d view decent rallies as a selling opportunity.”

Paulson predicted USDA this month could raise its production estimate for soybeans and possibly corn.

Editor's note: Check out the latest harvest reports from Cropwatchers. Also, we want you to participate in our online harvest survey. Give us details of your corn and soybean harvest by going to :
http://www.surveymonkey.com/s/IFBYieldSurvey

Download file: Pr-September 2012 Grain Stocks.pdf
Size: 172.581 KB (Kilobytes)
Created: 09/28/2012 09:57 AM
Last Modified: 09/28/2012 09:57 AM
Click here to download this file.

Permalink: Click here

Comments

Read comments from others and share your own thoughts.

Please provide the answer to the following question:

=

Search this site:

Read More Stories

Crop insurance key IFB focus in Senate debate

With Senate farm bill debate anticipated this week, Farm Bureau is girding up to protect crop insurance and other key programs in what could shape up as a heated floor fight.

Read this story


Finally! Some significant planting progress

Most farmers in Illinois this week finally were able to work fields for multiple days.

Read this story


Cattle on feed numbers down 3%

On-feed numbers and placements were higher than trade estimates. We have commentary on today's report from Derrell Peel, Oklahoma State University ag economist.

Read this story

Finally! Some significant planting progress

Rainy week ahead for Illinois farmers

Crop insurance key IFB focus in Senate debate

Chicago Fed: Farmland values rise in first quarter of 2013

Informa revises crop forecasts

Cattle on feed numbers down 3%

USDA Planted Acres Report

Nitrogen monitoring, post-planting applications key trends

USDA wheat production and supply-demand updates

USDA: IL corn planting now 17% complete

Top 50 Tags