More grain in storage, but demand remains robust
Farmers and grain elevators are holding on to more corn and soybeans than a year ago, but not as much as analysts had expected as strong demand continues to chew through large supplies of both crops.
Old-crop corn stocks on Sept. 1 totaled 1.74 billion bushels, up slightly from Sept. 1, 2015, according to the USDA’s grain stocks report released last week. The total was just below the pre-report average offered by analysts but well within the range of expectations.
Old-crop soybeans in storage also fell slightly below analysts’ expectations at 197 million bushels, up 3 percent from last year. Wheat stocks were 21 percent higher than a year ago. Analysts had feared the corn and soybean numbers would be more bearish, Chip Nellinger, co-owner of Blue Reef Agri-Marketing, said in an interview with AgDay...
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