Monday, December 12, 2011

Just in

Surprise! USDA Report Boosts Corn Supply Forecast

Washington--The Agriculture Department unexpectedly increased its projection for U.S. corn supplies prior to the next harvest and forecast that global production is likely to reach an all-time high next year as larger crops are grown in Canada, China and Europe, according to AgPro Newsletter.

Domestic corn stockpiles at the end of the 2011-12 marketing year in August are expected to total 848 million bushels, USDA reported in its monthly Supply & Demand Report released today.

Estimated supplies are up 0.6 percent from 843 million bushels in a USDA report last month and contrasted with expectations for a decline of about 1.4 percent, to 831 million bushels, based on the average estimate in a survey of 19 analysts conducted by Thomson Reuters. Supplies will be slightly more than expected because of slightly lower food, seed and industrial use, according to USDA.

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