USDA Quarterly Grain Stocks Friday
The USDA released the Quarterly Grain Stocks Friday morning at 11:00. I guess you could say they could have been worse. The corn stocks came in at 2.295 billion bushel which was below the average trade guess of 2.349 billion bushel. However, last year the grain stocks were 1.737 billion bushel. That represents an increase year over year of 32 percent. Friday corn did close above the 10 and 20 day moving average. The Commitment of Traders report showed the "funds" were short 133,442 contracts which was about unchanged from the previous week.
The bean stocks came in below the lowest guess at 301 million bushel. That was also down 44 million bushels from the September USDA Supply Demand report estimate. While that was very friendly it was still an increase of 53 percent compared to last year. The Commitment of Traders Report showed the "funds" adding 14,573 contracts to their net long position. Where do we go from here? It will be South American weather as they are planting their crop now. The other major factor will be actual corn and soybean yields here in the United States.