Market News

Quarterly corn and soybean stocks larger than expected

USDA’s quarterly grain and oilseed stocks update showed that as of June 1, 2008, corn stocks were a little larger than expected, wheat stocks were slightly smaller than anticipated but still more than double the year ago total and while soybean stocks were above projections, they remain very tight.

Corn stocks as of June 1 were reported at 4.266 billion bushels, compared to the average pre-report guess of 4.190 billion and the June 1, 2008 total of 4.028 billion. Soybeans came out at 597.044 million bushels, compared to the pre-report estimate of 586 million and the year ago total of 676.143 million bushels. Wheat stocks totaled 667.044 million bushels, compared to the average pre-report projection of 670 million and the June 1, 2008 figure of 305.818 million bushels.

Rough rice stocks came out at 48.366 million hundredweight, compared to 91.328 million on March 1 and the June 1, 2008 total of 53.418 million. Long grain rice made up 71% of the total, followed by medium grain at 26% and short grain with 3%. Milled rice stocks were reported at 5.724 million hundredweight, compared to 4.732 million last quarter and 4.373 million last year. The majority of the milled total, 4.13 million hundredweight, was whole kernel rice, with the remaining 1.59 million hundredweight comprised of brewer’s rice, screenings and second heads.