date:Jan 16, 2013
creage harvested for grain was reduced by 346,000 acres, and the yield estimate was increased by 1.1 bushels per acre. The production estimate was larger than the pre-report average trade guess of just over 10.6 billion bushels, but the estimate of 1 December 2012 stocks of corn was actually much smaller than the average guess. Stocks were estimated at a 9-year low of 8.03 billion bushels, compared to the average guess of about 8.2 billion.
The stocks estimate implies that feed and residual us