June ’12 USDA Grain Stocks Report
June ’12 USDA Stocks Report
- Corn – Neutral
- Projections of 3.139 billion were in line with expectations with average trade estimates near 3.15 billion bushels.
- Implied feed and residual usage was the main unknown variable and it came in at 817, million bushels. The per animal unit feed consumption implied takeaway of about 12.4 equivalent bushels per animal unit in the quarter versus the prior five year average of 13.8.
- If combined with the March stocks report, the per animal unit feed consumption implied takeaway of about 16.5 equivalent bushels per animal unit versus the prior five year average of 16.6.
- Given the slow pace of exports and rationing of some ethanol capacity, ending stocks should be projected to come in between 750 and 850 million bushels.
- Soybeans – Slightly Bearish
- Projections were above expectations at 667 million bushels versus average estimates of 640 million and last year came in at 619 million.
- The concern remains on new crop and shouldn’t have a dramatic impact on prices.
- Wheat – Neutral
- Projections were near expectations with 713 million bushels compared to average estimates of 726 million and 862 million last year.