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USDA Data - Bullish Expectations Confirmed

14 January 2013| Viewed 1072 times

USDA Data - Bullish Expectations Confirmed

The USDA’s January data release was bullish for grain and oilseed prices as stocks were below trade expectations due to continued strong demand. We expect grains, particularly CBOT Corn, to show the largest upward price move as the USDA revised US corn stocks to below average trade estimates. US corn stocks as of 1 December were reported at 8,030 million bushelsthe lowest level since 2003/04. Forecast US wheat ending stocks for 2012/13 were also revised lower than average trade estimates, from 754 million bushels to 716 million bushels due to higher feed demand. There were no surprises in the data for soybeans or cotton, which is likely to prove neutral for prices. 

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