Quarterly Grain Stocks Report Bullish for Most Commodities
WASHINGTON, DC – With more countries beginning to reopen from the COVID-19 shutdowns, export demand for U.S. commodities is increasing, a fact highlighted in USDA’s latest Quarterly Stocks report. According to the National Agricultural Statistics Service (NASS), export sales combined with good domestic demand have led to a drawdown of soybean stocks, down 31 percent from March 31, 2020. NASS also reports a 3 percent reduction in corn stocks and a 7 percent move lower in all wheat stored both on and off the farm. Another sign of export demand is painted on the sorghum canvas where Chinese purchases have led to a 17 percent reduction from the same period last year. Finally, USDA is expecting a 29 percent reduction in planted acreage for sunflowers in 2021, based upon a downturn in demand, as outlined by the 40 percent year-over-year increase in stocks.
(SOURCE: All Ag News)