January ’14 USDA Grain Stocks Report
January ’14 USDA Stocks Report
- Corn – Bullish
- Projections of 10.416 billion were well below expectations with average trade estimates near 10.8 billion bushels.
- The lower stocks drove the USDA to reduce 2013 production and increase feed and residual usage for the 2013/2014 marketing year.
- Soybeans – Neutral
- Projections were near expectations at 2.148 billion bushels versus average estimates of 2.16 billion and last year came in at 1.966 billion.
- Wheat – Neutral
- Projections were slightly above expectations with 1.463 billion bushels compared to average estimates of 1.4 billion and 1.671 billion last year.
- USDA revised feed usage lower based on this stocks data for the 2013/2014 marketing year.