USDA Grain Stocks report and the Prospective Plantings report were released this morning.
* Corn stocks 11 pct bigger than analysts expected
* Corn sowing 2 pct above, soy 2 pct below expectations
* Plantings imply record US corn crop on the way
* Rice, durum plantings down sharply in rain, floods
The USDA report released this morning shows that the U.S.has far more corn in storage and more acres planted than expected. The report also said that soybean stocks are 4 percent larger than analysts expected, however, plantings were down 2 percent.
Corn is called sharply lower at today’s open