In this file:
· USDA hikes new crop corn, soybean ending stocks
· Record U.S. Soy Crop, Bulging Reserves Point to Inflation Relief
USDA hikes new crop corn, soybean ending stocks
By John Perkins, Brownfield
October 12, 2021
The USDA increased new crop ending stocks estimates for corn and soybeans, largely due to higher old crop carryout and production numbers.
Corn ending stocks are seen at 1.5 billion bushels, up 92 million from September, with those higher old crop ending stocks and production guesses, along with lower feed and food use and a slight increase in exports. The average farm price for corn of $5.45 per bushel was unchanged on the month.
Soybean ending stocks are pegged at 320 million bushels, a jump of 135 million bushels due to bigger carryout and production, cancelling out slightly higher crush use. The average farm price for soybeans of $12.35 per bushel was down $.55 from the previous estimate.
Record U.S. Soy Crop, Bulging Reserves Point to Inflation Relief
o U.S. report forecasts historic corn and soy output this year
o Bigger crops are good news for consumers in wake of inflation
By Kim Chipman and Michael Hirtzer, Bloomberg
October 12, 2021
The U.S. lifted its estimates for corn and soybeans reserves on Tuesday, in a sign that relief from higher food prices could be on the way.
American farmers have been struggling with extreme weather, including pockets of drought and flooding in key growing areas this season. Yet plants have proved resilient, and it looks to be a year for bumper production.
The U.S. soybean crop will be record large this year, according to a government report Tuesday, while U.S. corn output will be the second-largest ever. Stockpiles at the end of the season are also building up more than than expected, with soybean reserves at 320 million bushels and corn at 1.5 billion bushels.
Bigger crops are welcome news for consumers, who have been contending with higher grocery billls. Global food prices recently touched a decade high, according to a United Nations gauge. U.S. consumer price index data due Wednesday is expected to show cost pressures remained elevated last month.
The supply-and-demand report, known as WASDE, underscored what state accounts and word of mouth have hinted at for weeks:
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