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USDA reports larger wheat, corn, rice stocks worldwide; soybeans fall
World wheat stocks will swell to record size this year and corn stocks will be larger than expected despite severe drought in South America, the U.S. government forecast on Thursday.
India will post a record rice crop due to a strong monsoon this year as the global grain outlook improves slightly after years of tight stocks and rising prices.
U.S. traders said the report from the U.S. Department of Agriculture was not likely to excite futures markets.
"There isn?t anything here to zip this market on up and, given that we?re at the upper range of trading ranges, we?ll probably fall back a little," said Jack Scoville, an analyst at The Price Group in Chicago.
"Wheat is the stronger number of the bunch but there?s isn?t anything to blow your socks off."
USDA increased world wheat ending stocks by 1.5 per cent to a record 213.1 million tonnes from its January estimate.
Read more at http://agcanada.com/daily/record-wheat-stocks-offset-south-american-drought/
World wheat stocks will swell to record size this year and corn stocks will be larger than expected despite severe drought in South America, the U.S. government forecast on Thursday.
India will post a record rice crop due to a strong monsoon this year as the global grain outlook improves slightly after years of tight stocks and rising prices.
U.S. traders said the report from the U.S. Department of Agriculture was not likely to excite futures markets.
"There isn?t anything here to zip this market on up and, given that we?re at the upper range of trading ranges, we?ll probably fall back a little," said Jack Scoville, an analyst at The Price Group in Chicago.
"Wheat is the stronger number of the bunch but there?s isn?t anything to blow your socks off."
USDA increased world wheat ending stocks by 1.5 per cent to a record 213.1 million tonnes from its January estimate.
Read more at http://agcanada.com/daily/record-wheat-stocks-offset-south-american-drought/