Corn Stocks Lower - Prices Higher
WASHINGTON, D.C. - Nebraska farmers know to expect the unexpected when it comes to quarterly stock number reports - and that is exactly what happened this morning. USDA's corn stocks report put old crop at 988-million bushels, and USDA Economist Joe Glauber says they expected that number to be about 200-million bushels larger. The pre-report expectation was more than 1-billion bushels, but the report put old crop stocks at 988-million bushels. In reaction to the news, corn futures at the Chicago Board of Trade were trading limit up by mid-morning.