USDA Numbers


US 2009 soybean production was raised from 3.319 billion bushels last month to 3.361 billion. That's a bit higher than the average trade estimate, which was for an increase to 3.337 billion bushels. Carryout was pegged at 245 million bushels, 10 million more than anticipated. Brazil production was raised 2 MMT to 65MMT, and output in Argentina left unchanged at 53 MMT.


US 2009 corn production was surprisingly raised from 12.920 billion bushels to 13.151 billion. The trade had been expecting a cut to 12.821 billion bushels of the wet harvest that left some corn in the field. Carryout was pegged at 1.764 billion bushels, much higher than trade expectations of 1.587 billion.


US 2009 all wheat production was lowered slightly to 2.216 billion bushels from 2.220 billion. Wheat carryout was 976 million bushels, against expectations of 914 million bushels. US winter wheat seedings of 37.1 million acres are 14% down on 43.3 million last year and well below expectations of 40.9 million.