World Corn Stockpiles Plunge, Long Before the Next U.S. Cornbelt Harvest; Obama USDA Says 'Don't Worry'
February 26, 2012 • 10:04AM

World corn stockpiles are at their lowest level, in terms of "days of use" (itself an extreme understatement), since the 1973-74 period, which at the time, was considered a U.S. supply crisis, called the "Great Russian Grain Robbery," blamed on Russia's purchases of U.S. corn that year.

The current corn figures, and other crop statistics, were released Feb. 23 by the U.S. Department of Agriculture, notorious now for untrustworthy data, and the USDA Chief Economist played down any danger ahead. Dr. Joseph Glauber acknowledged at the plenary of the annual USDA Agricultural Outlook Conference, that corn supplies were very "tight"; but he presented a rosy scenario, based on nothing. He said, don't worry, U.S. corn-ethanol use is slackening some, and also, 2012 corn yields can be expected to rise to "trend" after their decline last year from bad weather, so U.S. corn stocks will be rebuilt.