Slashing Corn Ending Stocks
Wow -- so much for a sleepy lockup.... some surprises in this morning's WASDE.Corn ending stocks for old crop fell to 1.603 billion bushels, from 1.738 b bu in May. The cut was due to a big hike in ethanol - 150 m bu more, at 4.550 billion bushels.The increase reflected the continued record pace of ethanol production and usage as indicated in both EIA ethanol production use and also record production of gasoline blends with ethanol.The cuts carried through to 2010/11, with ending stocks reduced from 1.818 b bu in may to 1.573 b bu in June. Ethanol use for 2010 is up 100 m bu, to 4.7 b bu....MORE
Here's the Department of Agriculture's June 10 "World Agricultural Supply and Demand Estimates" (40 page PDF)
