Old crop corn stocks in all positions on September 1, 2011 totaled 1.13 billion bushels, down 34 percent from September 1, 2010, according to USDA’s “Grain Stocks” report released today. Indicated corn disappearance during June-August 2011 was 2.54 billion bushels, compared with 2.60 billion bushels during the same period last year.
September 1 supplies were up 23 percent from USDA’s previous estimate of 920 million bushels, and topped the average analyst estimate, 962 million bushels, by about 17 percent, based on the average estimate in the recent Dow Jones Newswire survey. Analysts deemed the report bearish for corn futures and said the market probably will extend a price slide that has already pushed prices down 18 percent this month. The report, combined with heavy Midwest harvest progress over the next 10 days and weakness in financial markets, “will have corn under pressure all day,” R.J. O’Brien & Associates reported.
Old crop soybeans stored in all positions on September 1, 2011 totaled 215 million bushels, up 42 percent from September 1, 2010. Indicated soybean disappearance during June-August 2011 totaled 405 million bushels, down 4 percent from the same period a year earlier.
