International Grains Council Corn estimate
Last week the IGC released a new ending Corn (maize) stocks figure for 2017/2018 that was 4.5 Billion bushel higher than the January USDA figure at 12.675 Billion bushel yet the futures price is higher.
The ending stocks are are almost all in
China due to 15 year revisions of lower Chinese feed use. Their reasons are found on page 4 of their report and are quite interesting. Go to www.igc.int and look for the gmsummary report.
Some are calling these low quality stocks and of limited importance. What say you?
i bought some low cost Mar 18 corn puts as price protection into the next USDA report due to this figure.
Re: International Grains Council Corn estimate
From the report..
As highlighted in a recent Market Focus (GMR 481, September 2017), an absence of reliable published statistics means that the exact size, quality and location of its inventories remain uncertain. Despite recent improvements in transparency, supply and demand forecasts are still founded on limited information.