USDA Report Recap
Friday, January 10, 2014, 11:45 amSubmitted by: Jon Setterdahl
USDA quarterly stocks and monthly supply/demand report highlights are as follows. CORN: production at 13.925Bln as national yield declined to 158.8bpa. Trade was expecting a 14Bln number. Carryout this year pegged at 1.631Bln with feed raised 100Mln and ethanol raised by 50Mln. The Dec 1 corn stocks number was 10.4Bln. The report is moderately friendly the corn market, particularly because most were expecting a crop size of 14Bln and a carryout of around 2Bln. BEANS: not nearly as surprising with most numbers within expected ranges. Production at 3.289Bln with slight yield increase to 43.3bpa. Carryout left unchanged at 150Mln, as exports were raised 20Mln and domestic crush up 10Mln. Dec 1 stocks at 2.150Bln.
So to recap, corn moderately bullish and establishes short-term price support. Beans as expected and short-term direction dependent on S.American weather and US export pace.
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