30 September 2010 16:01 [Source: ICIS news]
HOUSTON (ICIS)--Corn and soybean futures prices were higher on Thursday following release of the US Department of Agriculture’s (USDA) latest quarterly grain stocks report, which showed greater supplies than prior-year levels.
Supplies of corn held in commercial storage and on farms as of 1 September rose above 1.7bn bushels, higher than a year ago, USDA said.
Stocks of soybeans also increased over year-ago levels.
While the report would seem bearish on prices, commodity markets reacted bullishly on corn and soybeans, sending futures prices higher in early trading at the Chicago Mercantile Exchange.
Traders apparently gave credence to prospects for lower-than-estimated yields this fall for new-crop corn and soybeans, a source said.
Corn stocks on 1 September totaled 1.708bn bushels, up 2% from a year ago. Corn stored on farms decreased 20% from a year ago, while corn in commercial storage increased 15%.
The corn stocks numbers are useful as an indicator of use for livestock feed and ethanol production.
Soybean stocks on 1 September totaled 151m bushels, up from 138m bushels a year ago. Soybeans stored on farms increased 1%, while soybeans in commercial storage increased 12%.
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