Prices climb even more after report
Crop prices received another boost on Tuesday when the January 12 USDA report was issued.
This report contained the final crop production numbers, updated demand information and a quarterly stocks update. U.S. corn and soybean ending stocks were dropped by USDA.
Corn stocks were 1.55 versus the trade estimate of 1.59 billion bushels. Soybean stocks were 140 million compared to the trade guess of 139 million bushels while wheat stocks were 836 million bushels while the trade
predicted 859 million. World carryout for corn is about even with the trade guess.
Soybeans were 1.65 million metric tons higher than predictions with the wheat world stocks 2.0 million metric tons lower. Quarterly stocks had corn even with the trade and wheat was 25 million lower. After the report was issued late in the morning, corn traded 25 cents higher, soybeans were 44 cents higher and wheat was up 32 cents.