Thursday, December 20, 2012

Weekly Outlook - Difficult to Anticipate Dec. 1 Corn Stocks Estimate

The USDA’s estimate of December 1, 2012 inventories of corn, to be released on January 11, 2013, will be one of the more important factors influencing the price of old crop corn in the first quarter of the new year. The estimate of soybean stocks may be somewhat less important because more is known about the level of consumption during the first quarter of the 2012-13 marketing year.

For soybeans, consumption during the first quarter of the marketing year is generally known because periodic export and crush estimates are available. Based on Census Bureau estimates for September and October and USDA inspection estimates through November, exports were near 613 million bushels. That would be slightly less than the record large exports of two years ago. Based on estimates from the National Oilseed Processors Association, the domestic crush during the first quarter was near 448 million bushels, the largest in five years.  <Read More>

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