Economists call USDA’s corn stocks estimate a “huge bullish surprise”
January 13, 2020 By Rhiannon Branch Filed Under: Illinois, News, USDA
Ag economists are surprised by USDA’s latest grain stocks,
yield and usage estimates for corn.
Scott Irwin with the University of Illinois says for the
first time he can remember, the USDA revised their September 1st stocks
number for corn making the December 1st
corn stocks estimate of 11.38 billion bushels a more than 400 million bushel
“This is, at least on the surface, one of the largest bullish grain stocks surprises that we have ever seen.”
says another shock when looking at the USDA numbers, is that first quarter feed
and residual use for corn is implied to be over 2.6 billion bushels.
“It’s the largest first quarter feed and residual estimate since the beginning of the ethanol era.”
Fellow economist Todd Hubbs says the increase in yield estimates from November for eastern corn belt states (IL, IN, OH in this case) are also questionable, as well as the nearly 200 bushels per acre statewide yield average for Iowa.
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