Source: Rita Jane Gabbett, MEATINGPLACE, 9/30/11

USDA reported old crop corn stocks in all positions on Sept. 1 totaled 1.13 billion bushels, down 34 percent from a year ago, but above what market analysts were expecting, which sent corn futures prices plunging.

On average, analysts were expecting Sept. 1 corn stocks at about 962 million bushels, according to a pre-report survey by Dow Jones.  Corn futures prices for December delivery were down 39 cents per bushel to $5.93 per bushel in late morning trade on the Chicago Board of Trade in reaction to USDA’s quarterly Grain Stocks report.

USDA reported old crop soybeans stored in all positions on Sept. 1 totaled 215 million bushels, up 42 percent from a year ago, but below the average analyst estimate of 225 million bushels.

Nevertheless, soybean futures prices fell as well, dropping by 42 cents per bushel to $11.87 for November delivery.

Short grain supplies and fears of future short supplies have kept corn and soybean prices elevated, wreaking havoc on feed costs for pork, beef and poultry producers.

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