Sharp Revision in USDA Corn Numbers Surprises AnalystsWed, 09 Apr 2014 15:15:26 CDT
The USDA’s latest World Agricultural Supply and Demand Estimates report surprised traders today with a sharp increase in corn exports of 125 million bushels. That’s according to analyst Rich Nelson of Allendale. No other changes were made to the balance sheet numbers with ending stocks leftover as of August 31st being lowered. The previous estimate showed ending stocks of 1.456 billion bushels has now been lowered to 1.331 billion bushels. That figure was much lower than analysts’ average prediction of 1.403 billion bushels.
On the world side, the USDA left Argentina’s corn crop unchanged at 24 million tons, but raised estimates of Brazil’s crop from 70 to 72 million tons.
Soybean exports were increased, but were offset somewhat by increased imports and a lowered estimate of beans crushed.
USDA increased ending stocks for wheat as analysts had expected. The estimate was raised from 558 million bushels to 583 million bushels. These numbers reflected a third-quarter usage which was less than expected. Domestic usage was lowered by 30 million bushels and imports were dropped about five million bushels.
The USDA’s revision to the world wheat picture was not as significant.
Click here for the full WASDE report.
To watch Rich Nelson's full video analysis of today's numbers, click in the video box below.
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