USDA Report Review
Todd Hultman DTN Grains Analyst
Tue Feb 9, 2016 02:31 PM CST

USDA released supply and demand estimates for grains on Tuesday and, while the new U.S. ending stocks estimates were larger than official expectations for all three grains, the numbers were not out of line with broader market expectations.

Starting with corn, USDA increased its estimate of U.S. ending corn stocks from 1.802 billion to 1.837 billion bushels for 2015-16, or 13.6% of annual use. The 50-million-bushel reduction in the export estimate was no surprise, but there was also a 10-million-bushel boost in the import estimate and a 25-million-bushel increase in the estimate of ethanol production. Ethanol production kept a higher ...

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