The U.S. Department of Agriculture (USDA) found more bushels of corn and soybeans in bins at the end of the marketing year than traders expected in its grain stocks report issued last week.
Corn stocks were estimated at 842 million bushels, down 17 percent from last year, but that was still 10 percent higher than the highest trade estimate, according to Chad Hart, grains market economist with Iowa State University Extension. Disappearance of corn over the June to August period was 1.94 billion bushels. Fourth quarter disappearance was 2.16 billion bushels in 2012.
"Corn demand continued to be sluggish this summer as users waited for the new crop to come in," Hart said.
Soybean stocks were estimated at...