World Agricultural Supply and Demand Estimates show ending stocks for wheat were reduced 32 million bushels based on rising feed and residual use. Projected exports for all wheat remained unchanged as increased demand for Soft Red Winter is offset by drop in Hard Red Winter wheat.
USDA officials left corn ending stocks unchanged at just over 800 million bushels as inventory remains historically tight.
While the use of corn for ethanol is guesstimated at 5 billion bushels, the average daily ethanol use fell to a 23-month low in January, pushing ethanol stocks to a new record high.
The report had little effect on the market as the numbers appear to have already been accounted for by traders.
Corn planting has begun in some of the 18 states where the majority of U.S. corn is grown. Seven percent of the corn is now in the ground, doubling last year’s level and nearly tripling the 5-year average --- the quickest pace on record.
According to USDA, sixty-one percent of the winter wheat crop is in the good to excellent category. That’s almost twice the improvement over last year at this time when much of the 18 wheat producing states were in drought conditions.
Cotton planting also has started in the 15 states planting 99 percent of last year’s acres. Nine percent of the crop is now in the ground, well ahead of the 5-year average of six percent.