USDA Production/Stocks Numbers
The USDA came out with a 2009 US corn production number of 13.131 billion bushels, towards the upper end of the range of analyst's estimates of 12.838 to 13.158 billion bushels, and only 20 million down from the January report and 50 million above the average trade guess. Corn ending stocks were pegged at 1.799 billion bushels, somewhat higher than the average trade guess of 1.716 billion.
Soybean production came in at 3.359 billion bushels, again towards the top end of pre-report estimates ranging from 3.219 to 3.365 billion bushels, only 2 million down from January and 10 million above the average trade guess. US soybean ending stocks were reduced to 190 million bushels, 5 million below the average trade estimate.
Wheat ending stocks came in at 1.001 billion bushels, 20 million up on last time and also towards the top end of the range of 876 to 1,012 million bushels. The average guess was 971 million.
Soybean production came in at 3.359 billion bushels, again towards the top end of pre-report estimates ranging from 3.219 to 3.365 billion bushels, only 2 million down from January and 10 million above the average trade guess. US soybean ending stocks were reduced to 190 million bushels, 5 million below the average trade estimate.
Wheat ending stocks came in at 1.001 billion bushels, 20 million up on last time and also towards the top end of the range of 876 to 1,012 million bushels. The average guess was 971 million.