Do The USDA Know What They Are Doing?

It has to be open to question. They've just found a million more wheat acres, one and a half million more soybean acres AND two million more corn acres than they had in March. No losses just gains all round.

And if they do know what they are doing, then how do you explain their March estimates?

This is the same USDA we are talking about here who left Argy 2009/10 wheat production unchanged this month at 11 MMT, around a 30% increase in output on last year from around 30% fewer acres, in the midst of eighteen months of severe drought.

The same USDA whose global wheat ending stocks figure for 2009/10 is almost 15 MMT higher than that of the International Grains Council.

They are either a darn sight cleverer than Allendale, Informa and all the rest put together or there's another explanation.

I'll leave you to make your own minds up.