Global grain stocks rise in December, soybeans slip - USDA

10 December 2010 15:52  [Source: ICIS news]

HOUSTON (ICIS)--World supplies of corn and other coarse grains grew slightly in December from November while global stocks of soybeans shrank, the US Department of Agriculture said on Friday.

Global coarse grain production for the 2010-11 marketing year (June-June) increased by 3.4m short tons (st) with corn production up 2.2m st, barley production up 0.6m st, and oats production up 0.4m st, USDA said in its monthly supply and demand report.

Global oilseed ending stocks were projected at 70.3m st, down 1m from November as lower soybean stocks in Brazil and the US were partly offset by higher rapeseed stocks in Canada, USDA said.

The small changes in grain and oilseed stocks were treated as neutral to bullish by commodity traders following the release of the report.

Both commodities opened a few cents higher in early trading on Friday at the Chicago Mercantile Exchange.

The limited changes helped assure strong farm budgets that continued to support full applications of ammonia and other fertilizers in 2011.

US feed grain supplies for 2010-11 were virtually unchanged by the USDA, as a small increase in corn imports was offset by a reduction in barley imports.

US corn imports were raised 5m bushels, with record production reported for Canada.

The projected marketing-year average price received by US corn producers was unchanged this month at $4.80-5.60/bushel.

Meanwhile, India corn production was raised 1m st, as an extended monsoon increased late-season soil moisture for the summer corn crop.

The same conditions boosted harvested area for millet, adding 0.3m st to India's production.

Australia's barley and oats production was raised 1.9m st and 0.5m st, respectively, both on higher reported yields.

Canada corn production was raised 0.7m st as favourable weather boosted corn yields in Ontario and Quebec, according to the report.

Total US oilseed production for 2010-11 was projected at 101.7m st, down slightly because of a small reduction in cottonseed, USDA said.

Soybean exports were increased by 20m bushels to 1.59bn, reflecting record export commitments (shipments plus outstanding sales) through November.

With projected crush unchanged, soybean ending stocks for 2010-11 were projected at 165m bushels, down 20m from last month.

Projected US sugar supply for fiscal year 2010-11 was increased by 232,000 st, raw value, from last month. That was mostly due to an increase of 220,000 st of imports from Mexico.

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By: Frank Zaworski
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