Corn stocks will total 832 million bushels at the end of the 2010/2011 marketing year Aug. 31, up 5 million bushels from a November estimate, the USDA said in its monthly Supply and Demand report today. Supplies were expected to be lowered to about 806 million bushels, based on the average analyst estimate.
March corn futures traded on CME Group in Chicago ended unchanged $5.74 a bushel, after dropping as much as 7 cents in early trading. The contract is down 7 percent from a recent high of $6.17 ¼ Nov. 9. January soybeans fell 8 ½ cents to $12.73 a bushel.
The USDA also raised its estimates for 2011 U.S. beef, chicken and pork production and lowered slightly its forecast for next year’s milk production, though analysts said there were few surprises for livestock and dairy markets. Cattle and hog futures in Chicago fell in early trading.