USDA CHANGES CORN FORECAST
Nov 11, 2008
USDA increased its ending stock forecast for corn last week as part of its monthly World Agricultural Supply and Demand Estimate (WASDE). The report marks the last change of the year for U.S. grains. The final crop report will come in January as USDA reports ending production for the 2008/2009 marketing year. The focus for grain markets will now shift to the southern hemisphere where the growing season is underway in South America. According to the WASDE report, ending stocks for corn are now expected to come in at 1.124 billion bushels, a 36 million bushel increase over the prior report, but near pre-report expectations. The report revised the U.S. production number lower by 13 million bushels to 12.020 billion bushels. Yields are expected to average 153.8 bushels per acre, down one-tenth from the Oct. 28 revised production forecast.