USDA Scores On The Doors

Posted by Nogger - a legend in his own mind at 13:34 | Categorized as

10/03/11 -- Here's the all important numbers guys and gals:

WHEAT

World wheat ending stocks pegged at 181.9 MMT vs 177.8 MMT last month and the 177.77 MMT expected by the trade. They upped the Australian crop by 1 MMT to 26 MMT, and did likewise for Argentina to 15 MMT. EU-27 output trimmed slightly to 136.1 MMT from 136.5 MMT in Feb. US wheat ending stock pegged at 843 million bushels vs 818 last month and trade expectations of 810 million. Pretty bearish all round.

CORN

The Brazilian crop upped 2 MMT to 53 MMT and the Mexican crop reduced 2 MMT to 22 MMT. Argentina left unchanged at 22 MMT. World ending stocks increased to 123.1 MMT from 122.5 MMT and the 121.6 MMT expected. US ending stocks seen at 675 million bushels, unchanged from last month and a bit above the 665 million anticipated. Neutral to slightly bearish.

BEANS

Brazil's crop upped 1.5 MMT to 70.0 MMT, Argentina left unchanged at 49.5 MMT. China's crop also increased by 800,000 MT to 15.2 MMT. World ending stocks 58.33 MMT, up a tad from last month but below the 59.2 MMT expected. US ending stocks left unchanged at 140 million bushels. Neutral to slightly bearish.

EXPORT SALES

Wheat sales of 575,700 MT for 2010/11 and 81,500 MT for delivery in 2011/2012 were on the low side of expectations for combined sales of 700 TMT-1 MMT. Corn sales of 477,200 MT old crop and 298,800 MT were in line with expectations of 700 TMT-1 MMT. Bean sales were 412,100 MT old crop and 57,900 MT new crop - in line compared with estimates of 350-500 TMT.

Wheat looks like the poor relation this afternoon with early calls of 10-15c down, corn is called 5-7c lower and beans 8-10c easier.