USDA Report Slightly Friendly for Corn Says LefflerMon, 10 Nov 2014 17:50:29 CST
The latest crop production report from the US Department of Agriculture offered few surprises Monday. Trade Analyst Tom Leffler of Leffler Commodities called the report neutral for soybeans and wheat and slightly friendly for corn.
"The friendly part about corn is, we saw the production and yield come in less than it was in October," Leffler said. "That's kind of a surprise as we all thought we would see it larger, but when you really get to looking at it still not an overly friendly situation."
Radio Oklahoma Network's Leslie Smith visited with Leffler Monday about the latest report. Click on the LISTEN BAR below to listen to the full interview.
The nation's corn production was estimated at 14.407 billion bushels. While that is lower than the October estimate, the nation is still looking to have a record yielding corn crop. USDA reduced the yield estimate to 173.4 bushels per acre. The number of harvested acres remain unchanged over last month. The lower production estimate lead to a drop in the nation's corn ending stocks. USDA estimated ending stocks at over two billion bushels. Leffler said this is the highest ending stocks for the US in the past ten years.
The nation's soybean crop continues to get larger. USDA estimated the nation's production to be larger than the October estimate at 3.958 billion bushels. Last month USDA's estimate was 3.927 billion bushels. The nation's yield average was estimated at 47.5 bushels per acre, up from 47.1 bpa. USDA continues to predict the nation will produce a record soybean crop as well. USDA estimated the nation's soybean ending stocks at 450 million bushels. That was equal to last month but higher than trade analysts estimates. Leffler said this is the largest ending stocks in the past eight years.
USDA made adjusted the nation's wheat ending stocks by lowering them by 10 million bushels over a month ago. Leffler said that was because a revisit of a survey of the September small grains report in some of the northern states where hard red spring wheat and durum wheat is grown. USDA saw lower yields and less acres thus lowering the nation's wheat ending stocks.
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