Corn, wheat stocks smaller than expected
WASHINGTON – The U.S. Department of Agriculture on Sept. 28 estimated stocks of wheat in all positions on Sept. 1, 2012, at 2,104 million bus, down 2% from a year earlier. The average of pre-report trade estimates was 2,281 million bus. The June-August 2012 indicated wheat disappearance was 908 million bus, up 27% from the same quarter in 2011. Sept. 1 old crop corn stocks were estimated at 988 million bus, down 12% from 2011. Pre-report trade estimates averaged 1,126 million bus. The U.S.D.A. estimated the June-August corn disappearance at 2.16 billion bus compared with 2.54 billion bus during the same span in 2011. Sept. 1 old crop soybean stocks were estimated at 169 million bus, down 21% from a year ago. The average trade estimate was 132 million bus. Indicated soybean disappearance in June-August 2012 was 498 million bus, up 23% from the same period a year earlier.