USDA: Many Grains Down To Start The New Year
January is one month where the USDA's crop production forecast takes a back seat in the Department’s crop supply demand reports. And the first one out of the gate this year is the grain and rice stock estimates.
Reports have major grades down in stocks year over year. Corn and all wheat stocks down 7% from December of last year. Soybean stocks 4% lower from the previous year. Sorghum down 45% from December 2021.
The one exception to the downward stocks tread; barley with stocks reported up 17% year-over-year.
Rice stocks were recorded 17% lower than this same time last year.
What was notable that the January crop production report was a 5% reduction in the orange production forecast from December and a 22% year over year drop in orange production.
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