USDA Production Numbers
Today's USDA reports are seen as bearish for soybeans and wheat, but supportive for corn. They forecast 2010 US corn plantings at 88.8 million acres, slightly lower than their March estimate of 88.94 million. Soybean plantings were forecast at 78.1 million acres, unchanged from March. Winter wheat production was forecast at 1.46 billion bushels, down only 4 percent from 2009.
Corn ending stocks for 2009/10 came in at 1.738 billion bushels, well below the 1.861 billion that the trade was expecting, and down sharply from last month's estimate of 1.899 billion. Ending stocks for 2010/11 were pegged at 1.818 billion, also lower than the 1.901 billion anticipated.
Soybean ending stocks for the current season were left unchanged at 190 million bushels, whereas a small reduction to 180 million was expected. Ending stocks for next season are seen rising significantly to 365 million bushels, higher than the 340 million anticipated.
US wheat ending stocks for 2009/10 are seen at 950 million bushels, in line with estimates of 946 million, but stocks at the end of 2010/11 are seen rising further to 997 million, significantly more than the 953 million expected.
Early calls for this afternoon's CBOT session: corn up 1-2c, beans down 7-10c, wheat down 5-7c.
Corn ending stocks for 2009/10 came in at 1.738 billion bushels, well below the 1.861 billion that the trade was expecting, and down sharply from last month's estimate of 1.899 billion. Ending stocks for 2010/11 were pegged at 1.818 billion, also lower than the 1.901 billion anticipated.
Soybean ending stocks for the current season were left unchanged at 190 million bushels, whereas a small reduction to 180 million was expected. Ending stocks for next season are seen rising significantly to 365 million bushels, higher than the 340 million anticipated.
US wheat ending stocks for 2009/10 are seen at 950 million bushels, in line with estimates of 946 million, but stocks at the end of 2010/11 are seen rising further to 997 million, significantly more than the 953 million expected.
Early calls for this afternoon's CBOT session: corn up 1-2c, beans down 7-10c, wheat down 5-7c.
