Grain and oilseed futures fell across the board Thursday morning after the U.S. Department of Agriculture’s stocks report found more corn than expected.Corn futures were down four percent in early morning trading after the USDA pegged U.S. corn stocks as of Sept. 1 at 1.708 billion bushels, 21 percent more than expected. That lessened worries about disappointing yields in the corn harvest, which had been driving corn higher.The weakness in corn spilled over into wheat, soybeans and canola, which were all down in morning trade.If the extra stocks are old crop corn because of reduced demand through the summer, then that would offset weak new crop yields. However, analysts believe some of the stocks are new crop corn. Harvest began unusually early In some places, resulting in a larger than usual amount of 2010-11 crop corn in bins by Sept. 1.The USDA put soybean stocks as of Sept. 1 at 151 million bu., slightly above analysts’ estimate of 150 million.Wheat stocks were 2.459 billion bu., above expectations of 2.423 billion. However, the USDA reduced its estimate of the total U.S. wheat crop, putting it at 2.224 billion bu. down from expectations of 2.261 billion.
Extra corn drives prices lower
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