Tuesday, September 13, 2016
Wake Up Call Allendale Advisory Center: USDA Supply and Demand numbers had a few surprises for traders yesterday. Old crop corn ending stocks were raised from 1.701 to 1.716 billion bushels. The trade was expecting 1.711. No change was made to either planted or harvested acres, we expect those changes in October. Corn Yields were lowered from 175.1 bpa to 174.4, analysts were expecting 173.4. The 15.093 production is only 60 million under last month’s estimate. With almost no change to the old crop picture, and only a moderate decline for new crop production, ending stocks were lowered only slightly, from 2.409 billion last month to now 2.384. USDA’s numbers would make a stocks to use measurement of 16.5%, the largest since the 2005/06 crop year’s 17.5%.