Corn the big news in USDA reports
Farm and Ranch October 11, 2010 U.S. and world wheat ending stocks were lowered in USDA’s supply and demand report Friday but supplies are still large. U.S. carry over next May was cut 49 million bushels from last month to 853 million. That compares to this last marketing year’s 976 million bushels. World wheat ending stocks were reduced about three million metric tons to 174.7 million, still about 50 million tons above the recent low in 2007-2008. By class USDA reduced the ending stocks for hard red winter, hard red spring and soft red winter but increased white wheat carryover by two million bushels from September to 88 million, which would result in an eight million bushel increase year-over-year. USDA raised its forecast for the national average price of wheat to $5.50 a bushel. The real market impacting news from the USDA was its reduction in estimated corn yields. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says it surprised him. Georgantones: “I personally thought they would lower it maybe three bushels an acre but they were pretty aggressive and lowered it almost seven bushels an acre down to a 155.8 yield. That puts our crop at about 12 billion 664 million which is a full 500 million bushels down from last month.” And Georgantones says corn will be the grain market leader over the next several months. I’m Bob Hoff and that’s the Northwest Farm and Ranch Report on Northwest Aginfo Net. ? ? ? ? ? ?
