USDA Report Expectations
Wednesday sees the release of the USDA's latest musings on Supply & Demand and ending stocks. For 2009/10 they are expected to reduced corn and wheat production, partly due to a reduced planted area and also a cut in yield due to late plantings.
Soybean ending stocks for 2008/09 are expected to be cut further from last month's 130 million bushels, and although some trade estimtaes are that stocks will fall well below 100 million, nobody really seems to think that the USDA themselves will come up with a number that low:
Soybean ending stocks for 2008/09 are expected to be cut further from last month's 130 million bushels, and although some trade estimtaes are that stocks will fall well below 100 million, nobody really seems to think that the USDA themselves will come up with a number that low:
PRODUCTION ALLENDALE DOW JONES BLOOMBERG USDA MAY
Corn 11.935 12.090
Soybeans 3.195 3.195
All wheat 1.993 2.026 2.020 2.026
Winter wheat 1.492 1.496 1.502 1.502
08/09 CARRYOUT
US Corn 1.610 1.607 1.608 1.600
US Soybeans 0.099 0.114 0.113 0.130
US Wheat 0.662 0.671 0.672 0.669
09/10 CARRYOUT
US Corn 1.015 1.071 1.052 1.145
US Soybeans 0.243 0.211 0.221 0.230
US Wheat 0.605 0.606 0.611 0.637