USDA Crop Report Highlights

This afternoon's USDA reports proved to be a bit of a mixed bag. US ending stocks came in lower than expectations for corn, wheat and beans.

World ending stocks were increased from last month's estimates for beans and corn, but lowered slightly for wheat.

US 2009/10 ending stocks (billion bushels):
Apr 2010 Avg Trade Guess
Soybeans 0.190 0.209
Corn 1.899 1.909
Wheat 0.950 1.001
World 2009/10 ending stocks (MMT):
Apr 2010 Mar 2010
Soybeans 62.96 60.67
Corn 144.2 140.2
Wheat 195.8 196.8

The Brazilian soybean crop was upped half a million tonnes to 67.5 MMT, whilst output in Argentina was increased by 1 MMT to 54 MMT. South African corn production was raised half a million tonnes to 14 MMT.

Other than that there were no significant production changes. Chinese wheat output was left unchanged at a questionable 114.5 MMT, corn output for 2009/10 was also unchanged at 155 MMT.