New crop report brings lower stocks, higher meat prices
BMO Capital Markets analyst Kenneth Zaslow told the Associated Press that the report from the USDA shows a steep reduction in U.S. corn stocks, while soybeans were reduced less. He said this year's corn ending stocks estimate is the lowest in 14 years, while the soybean ending stocks are the highest in four years.
Zaslow said the impact for meat producers and other companies using these commodities will depend on hedges. Often companies buy up these commodities in advance to lock in prices.