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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