Market News & Headlines >> USDA Grain Stocks Often Bring Surprises
On Monday, June 30, USDA releases its quarterly June 1 grain stocks report. Because these survey-based estimates reflect usage during the prior quarter, there’s always room for surprises because not all uses are reported – especially in corn where both feed and ethanol use are estimated. At times, the numbers surprise USDA as well and result in adjustments made to the size of the crop
Here’s what the trade is expecting on Monday:
Corn: Average trade estimate 3.722 billion bushels (range 3.046-3.95). March stocks were 7.006; year-ago = 2.766 billion.
Soybeans: Average estimate 378 million (range 334-440); March 992; year-ago 435 million.
Wheat: Average estimate 598 million (range 560-633); March 1.056 billion; year-ago 718 million.
We will report Brock Associates' initial reaction soon after the report.