Corn stocks to rise

Cattle Market & Farm Reports, Editorials
Mar 14, 2005
by WLJ
Allendale Inc. is expecting Thursday's U.S. Department of Agriculture March supply and demand report to show an increase in domestic corn ending stocks.
U.S. wheat ending stocks are pegged at 548 million bushels, which would be 10 million lower than the February report. Corn stocks are seen at 2.045 billion bushels, compared to 2.01 billion in the last report. Domestic soybean stocks are estimated at 455 million bushels. February's report had bean stocks at 440 million.
World wheat ending stocks are estimated at 145.12 million tons, compared to 145.38 million in the previous report. Corn ending stocks are pegged at 119.42 million tons; February's report showed corn stocks at 117.27 million tons. Allendale is estimating soy stocks at 59.02 million tons. Last month the USDA pegged international bean stocks at 59.02 million tons.
Allendale also issued some grain production estimates. Corn production in Argentina is estimated at 18 million tons, up 500,000 from the USDA's February report. Brazilian corn harvest was lowered 1.5 million to 40 million tons. South African corn production is seen steady at 9.7 million tons.
2004/05 soybean production for Brazil is pegged at 60 million tons, down 3 million from the previous estimate. Soybean production for Argentina was lowered a half million to 38.5 million tons. — WLJ