Washington — The USDA World Agricultural Supply and Demand Estimates released Feb. 9 reported a drop in U.S. corn stocks by 45 million bushels to 801 million from last month. U.S. corn exports are projected 50 million bushels higher, with reduced supplies in Argentina and recent increases in both sales and shipments. Argentina corn production was lowered by 4 million tons to 22 million tons as field reports confirmed that high temperatures and extensive dryness during pollination in December and early January resulted in irreversible damage to early corn in the central growing region. WASDE said late planting may help to offset the drop, but that additional rainfall is needed to stabilize production. In the meantime, WASDE also reported lower U.S. wheat stocks, down 25 million bushels to 845 million. No changes were made for U.S. stocks for soybeans, with those left at 275 million bushels. A decrease in export prospects increased the stocks for rice by 1 million ctw to 39.5 million cwt. Cotton stocks were raised 100,000 bales to 3.8 million.
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