Corn falls despite USDA data

DES MOINES, Iowa (Agriculture.com)--The U.S. soybean stockpile is not changing, despite strong exports. Corn stocks are falling, according to the USDA's February Supply/Demand estimate Monday.

After reacting positively to the USDA data, the corn market closed lower Monday.

The March corn futures contract settled 1 1/4 cents lower at $4.43. The March soybean futures contract finished 6 cents lower at $13.25. March wheat futures ended 7 cents higher at $5.84 per bushel. The March soymeal futures contract ended $2.50 per short ton lower at $444.20. The March soyoil futures ended $0.17 higher at $38.73.

In its report, USDA pegged the U.S. 2013-14 Soybean stocks, at the end of the marketing year on August 31, at 150 million bushels. That is in comparison to the trade's average estimate of 143 million bushels and the USDA's January estimate of 150 million.

For corn, the USDA sees the U.S. 2013-14 stocks at 1.481 billion bushels vs. the average estimate of 1.606 billion bushels and the USDA's previous estimate of 1.631 billion.

The USDA pegged the 2013-14 U.S. wheat stocks at 558 million bushels compared to the average trade estimate of 602 million bushels and the USDA's previous estimate of 608 million.

WORLD STOCKPILES

On Monday, the USDA estimated world wheat stocks at 183 million metric tons, compared with the average trade estimate of 184.7 million metric tons and the USDA's previous estimate of 185.4 million metric tons.

On soybeans, the world stocks were estimated at 73.0 million metric tons vs. the average trade estimate of 72.4 million metric tons and the USDA's previous estimate at 72.3 million metric tons.

For corn, the USDA estimates world stocks at 157.3 million metric tons vs. the average trade estimate of 159.0 million metric tons vs. the USDA previous estimate at 160 million metric tons