Front month corn is trading down lock-limit at the moment, off 40 cents to 695 1/4 after quarterly grain stocks showed more old crop corn than the market was expecting. Below is a short analysis of this morning's report and the numbers, but join us on GrainTV this afternoon for a full breakdown of today's reports and what this means long term for the grain market.
Planted Acreage (million acres)
| |
Reported |
Avg. Analyst Guess |
Analyst Range |
| Corn |
97.3 |
97.3 |
95.7-98.5
|
| Soybeans |
77.1 |
78.4 |
77.0-79.7 |
| Wheat |
56.4 |
56.4 |
55.6-57.3 |
Planted acreage for corn and wheat came out in-line with analyst expectations, but soybean acres came in about 1 million acres lower than what analysts were looking for. This has done little to support even the new crop soybean market, with the November '13 contract trading down 22 cents at the moment.
Quarterly Grain Stocks (million acres)
| |
Reported |
Avg. Analyst Guess |
Analyst Range |
| Corn |
5.39 |
5.01 |
4.89-5.25 |
| Soybeans |
0.99 |
0.94 |
0.91-0.99 |
| Wheat |
1.23 |
1.18 |
1.06-1.24 |
Quarterly grain stocks was the big story today, with corn stocks coming in roughly 400 million bushels higher than what the average analyst guess was projecting. Reduced disappearance due to feed usage looks to be the major issue, as wheat now carries a deep discount to corn in the cash market. Quarterly stocks of soybeans and wheat both came in above the average analyst guess, but the big story this morning remains the corn number.

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