U.S. corn stocks are expected to
slump to the lowest level in 15 years this year due to strong
demand, possibly stoking global food prices which hit a record
high last month, a Reuters Poll of analysts showed.
Analysts also said harsh weather cut corn output to 12.502
billion bushels from the previous year's record 13.110 billion
and below the U.S. Department of Agriculture's (USDA) forecast
in November for 12.540 billion bushels.
"If the USDA begins to lower production in the fall,
there's usually another reduction in the January report," said
Jack Scoville, an analyst for The Price Group.
The USDA will release its January crop production,
supply/demand, quarterly stocks and winter wheat acreage
reports at 7:30 a.m. CST (1330 GMT) on Wednesday. The Jan. 12
report will be the USDA's final estimate of corn production. (more)
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