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USDA surprises by standing pat on corn stocks

chicago / reuters / The U.S. Department of Agriculture pegged U.S. corn ending stocks in the 2011-12 marketing year (Sept./Aug.) at 801 million bushels, April 10. That’s above trade estimates for 721 million and unchanged from its March estimate.

USDA estimated U.S. soybean ending stocks at 250 million bushels, above trade estimates for 246 million but down from its March estimate of 275 million bushels.

The department estimated Argentine corn production at 21.50 million tonnes, above trade estimates for 21.46 million tonnes; the soybean crop was pegged at 45 million tonnes, below estimates for 45.19 million tonnes.

USDA estimated Brazil corn production at 62 million tonnes, above estimates for 61.71 million tonnes. The soybean crop was forecast at 66 million tonnes, below trade estimates for 67.11 million tonnes.

Shawn McCambridge, analyst, Jefferies Bache: “It is still a little hard to explain how you have higher-than-expected second- quarter (corn) usage but make no changes on your balance sheet. We will go right back to trading the weather.”

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