ANALYSIS - Corn futures moved lower at midday Tuesday, after seeing a slight bounce following a mildly bullish USDA supply and demand report for December.
The Ag Department lowered 2013-14 corn carryover stocks to 1.792 billion bushels. Pre-report trade expectations were for a 1.861 billion-bushel figure. However, the latest number is still a large increase over the 2012-13 carryover of 824 million bushels.
Soybean futures were trading near unchanged after the USDA data that showed the government lowering its 2013-14 soybean carryover to 150 million bushels, which was a bit lower than the pre-report estimates.
Wheat futures sold off and hit new contract lows on news USDA increased total world wheat stocks more than the trade expected. USDA pegged total world wheat stocks at 182.78 million metric tons, which is higher than pre-report expectations of 178.8 million metric tons. USDA forecast the 2013-14 U.S. wheat carryover at 575 million bushels, which is also significantly higher than pre-report expectations.
TheCattleSite News Desk
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