USDA Crop Report: U.S. Corn Stocks at Record-Low 5 Percent


Lower supplies and higher demand continue to play a major role in price increases for wheat and corn in the Agriculture Department’s February crop report released today. USDA made no changes in the wheat, soybeans and cotton stocks estimates, but corn stocks were reduced to 675 million bushels from 745 million bushels in the January estimate.

This puts corn stocks at a very tight level of 5 percent, the same as the record level of 5 percent that occurred in the 1995-96 marketing year. Tight supplies are driving up corn prices, with USDA projecting the 2010-11 marketing-year average farm price to be $5.05 per bushel to $5.75 per bushel, up from $4.90 to $5.70 in the January report.

 

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