09 March 2012 16:21 [Source: ICIS news]
HOUSTON (ICIS)--US corn futures traded slightly higher on Friday after the US Department of Agriculture (USDA) held end-of-year inventories for the 2011-2012 corn crop year unchanged from a month earlier.
The USDA in its monthly World Agriculture Supply and Demand (WASDE) report left corn end-of-year inventories unchanged from February at 801m bushels. Soybean inventories were also unchanged at 275m bushels.
World corn inventories were estimated by the USDA at 124.53m tonnes, a 1.2m-tonne decrease from the February estimate.
Corn production in Brazil for the current crop was estimated at 62m tonnes, which would be a record for the country. The corn crop in Argentina was estimated at 22m tonnes while Ukraine was projected at 22.5m tonnes, unchanged from a month ago.
World corn consumption for the crop year was increased 2.2m tonnes because of higher livestock feeding in Europe and India, USDA said.
Commodity traders reacted somewhat positively to the WASDE report, nudging March corn futures up to $6.47/bushel in early trading at the Chicago Mercantile Exchange, 3 cents/bushel higher than the prior day's close.
The USDA projected the season-average price for corn in 2012 to be in the range of $5.90-6.50/bushel.
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