Corn stocks smaller than expected
WASHINGTON – The US Department of Agriculture on Sept. 28 estimated Sept. 1 old crop corn stocks at 988 million bushels, down 12 percent from 2011. Pre-report trade estimates averaged 1,126 million bushels.
The USDA estimated the June-August corn disappearance at 2.16 billion bushels compared with 2.54 billion bushels during the same span in 2011.
Sept. 1 old crop soybean stocks were estimated at 169 million bushels, down 21 percent from a year ago. The average trade estimate was 132 million bushels. Indicated soybean disappearance in June-August 2012 was 498 million bushels, up 23 percent from the same period a year earlier.