USDA expects to reduce corn and wheat stocks and increase soybeans

Introduction: Dow Jones Chicago January 10th news: US grain analysts expect the US Department of agriculture to reduce corn and wheat stocks in the quarterly inventory report released on Friday, while improving soybean stocks U.S Department of Agriculture released its quarterly inventory report at 7:30 central time on Friday, showing U.S stocks of corn, soybeans and wheat as of December 1 Grain analysts said that as of December 1, 2001, the U.S corn inventory will be lower than that of the same period last year, reflecting a decrease in production and a significantly higher feed consumption than that of the same period last year Although the U.S corn export sales are still sluggish, as of last week, the weekly export sales report of the U.S Department of agriculture shows that the export sales of corn are about 800000 tons lower than that of 2000 / 01 Industry estimates range from 8.25 billion bushels to 8.375 billion bushels, with an average of 8.323 billion bushels, down from 8.522 billion bushels of inventory as of December 1, 2000 Analysts said that the most concerned data in the market will be corn feed consumption Brian Anderson, an analyst at Anderson commodities in Kansas, said he expects corn feed to increase by 50 million bushels from the same quarter last year, as sorghum and wheat prices move more strongly than corn, leading the market to switch to corn as feed Anderson believes that warm weather in autumn led to lower feed utilization, but increased feed usage due to record numbers of pigs and cattle At the beginning of November, the first seven largest cattle states in the United States had a record number of 10.231 million cattle By December, the number had slightly decreased to 10.203 million, but it was still considered very large Joe Victor, an analyst at Allendale, said that even if export sales and shipments lagged behind, they would be offset by an increase in animal numbers and possibly record ethanol production In terms of the soybean portion of the inventory report, analysts on average expect soybean stocks to reach 2336 million bushels, up from 2240 million bushels on December 1, 2000 Anne Frick, an oil seed analyst at bacon securities, said that normally, the first quarter's surplus inventory is huge, and this year is no exception Using a five-year average, the company calculated that this year's balance would be 85.8 million bushels [record soybean production] analysts said the reason for the expected increase in soybean inventory data is that US soybean production is expected to reach a record 2.925 billion bushels, higher than USDA's November forecast of 2.923 billion bushels US soybean production hit a record of 2.758 billion bushels in 2000 However, good squeezing progress and strong soybean export data have partially constrained the growth of soybean inventory Anderson commodities estimates that a record 835 million bushels of soybeans were used in the first quarter of 2001 / 02, from September to November Compared with 810 million bushels in the same period of 2000, the five-year average is 790 million bushels Based on the weekly export sales report of the U.S Department of agriculture last week, U.S soybean exports increased 17 percentage points from last year to 2010 million tons The main reason for the good progress of squeezing is that this autumn's processing profits encouraged American soybean processing plants to speed up the squeezing process At the end of last month, the U.S Bureau of Statistics said that the squeezing in November 2001 reached 149.08 million bushels, up from 143.5 million bushels in the previous year, but slightly lower than the squeezing in October of 150.38 million bushels Analysts say US wheat stocks are expected to be lower than the same period last year, mainly due to lower US wheat production On average, the industry estimates US wheat stocks at 1.621 billion bushels on December 1, down 184 million bushels from December 1, 2000, the lowest level since 1997, when stocks were 1.61 billion bushels Dan cekander, an analyst at Fimat futures, said that in the past five to six years, wheat carry in stocks have decreased and planting areas have decreased In December, the U.S Department of agriculture estimated that U.S wheat ending inventory for 2001 / 02 was 687 million bushels, down from 876 million bushels last year Soft red winter wheat stocks have been down, from 135 million bushels last year to 78 million bushels If there's something unexpected, it's going to come from feed consumption, because the market is already familiar with exports, said Shawn McCambridge, an analyst at bacon securities But the company does not expect much change in feed usage USDA's forecast for wheat feed and other consumption in December was 200 million bushels, roughly the same as the November forecast, down from 298 million bushels last year (author:) share to feed Weibo share to: