Friday's supply-demand report should show a lower domestic ending stocks number and stocks-to-use falling below 5 percent, reaching a new record-low, said DTN Grains Analyst John Sanow, on the heels of today's strong usage.
He's not alone; Alexis Maxwell reported that Lanworth also is looking for a lower ending stocks estimate than the 675 million bushels USDA projected in early March. "Ahead of the report, we were looking for grain stocks of 6.5 billion bushels, based on an increase in animal units to 93.2 million grain consuming animal units this year from 91.6 million in 2010," she said. "At 6.523, USDA's quarterly report confirms our expectations."...MORE