USDA FEBRUARY REPORT PUTS CORN PRICES UNDER PRESSURE

摘要

The latest USDA forecast for the 2009/10 corn crop is considered as bearish after ending stocks were raised to 1.799 bln bushels from a February estimate of 1.791 bln and the 2008/09 number of 1.673 bln. Although, corn production was slightly reduced to 13.13 bln bushels from 13.15 bln in February this would below analysts expectations. The corn use for fuel ethanol number was kept unchanged at 4.3 bln bushels but is markedly up on the 3.677 bln used in 2008/09. The band for the average farm price was reduced to $3.45-3.75 per bushel compared with $3.45-3.95 in February and $4.06 in 2008/09.