US Corn Monthly Stocks-to-Use

2021-02-27T09:14:50-06:00February 27th, 2021|Supply and Demand|

My calculation of domestic corn monthly stocks-to-use continues to tighten, based on analysis of the marketing year average of the cmdty National Corn Price Index. The end of February saw the NCPI averaging $4.21 (green line), as compared to the end of January $4.01. Given the higher average cash price, the stocks-to-use calculation fell from 11.6% at the end of January to 11.3% at the end of February. This now has the 2020-2021 equal to the post 2010-2012 drought marketing year of 2013-2014, and there is 6 months remaining in the current marketing year. Going further back in history, the next marketing year on the horizon is 2007-2008 when the cash price averaged $4.77 implying an ending stocks-to-use of 10.4%.

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