Agricultural News
USDA Crop Reports Provide a Few Surprises in Production and Grain Stocks
Fri, 11 Jan 2013 13:15:50 CST
In the USDA crop reports out Friday morning, there were a few surprises in both estimates of corn production and in quarterly grain stocks.
Projected corn production was up by about 55 million bushels from the December estimate. The trade was expecting a net decline. The increase comes despite a slight drop in harvested acres of 300,000 acres, indicating an increase in yields.
The quarterly grain stocks estimates dropped to 8.030 billion bushels, down from trade estimates of 8.2 billion bushels. USDA analysts attributed the drop to higher feed demand. Their figures showed a 200-million dollar decline in exports was more than offset by a 300-million bushel increase in domestic usage.
The USDA's estimates for world production show increases in South America. Argentina's production was increased by 500,000 tons and Brazil's figures were increased by one million tons.
You can access the USDA reports here: http://www.nass.usda.gov/
You can see a short synopsis and commentary on this morning's reports by clicking on the video box below.
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