Monday’s USDA’s Quarterly Grain Stocks report suggests feed usage is likely bigger than what USDA thought it would be. That’s according to INTL FC Stone Chief Commodities Economist Arlan Suderman. “It also suggests USDA overstated the size of the corn and soybean crops last year. USDA acknowledged that on the soybeans. They don’t do that often on corn. They just say all-feed usage grew,” says Suderman. “I think in this case it was both. The corn crop is smaller than estimated in January and feed usage is larger. It’s rare for the USDA to show a big increase in feed usage in the fourth quarter, particularly with a lot of wheat feeding, but that’s what the numbers imply at this time, because of that.”
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