USDA Numbers

Posted by Nogger - a legend in his own mind at 13:12 | Categorized as

08/04/11 -- Here's the all important numbers guys and gals. Quite bearish for corn (not that is likely to deter the corn bulls for long), a bit bearish for beans and a bit bullish for wheat:

WHEAT

US ending stocks came in lower than expected at 839 million bushels, against the average estimate of 857 million and 843 million last month. World ending stocks were up, pegged at 182.8 MT against the 182 MMT estimated and 181.9 MMT in March. There were no significant changes to wheat production around the world.

CORN

US ending stocks were left unchanged at 675 million bushels, against the average estimate of a sharp cut to 586 million. World ending stocks came in at 122.4 MT against 121 MMT estimated and 123 MMT in March. Brazil's corn crop was estimated at 52 MMT, 2 MMT up on last month. Argentine output was unchanged at 22 MMT.

SOYBEANS

US ending stocks were also unchanged coming in at 140 million bushels, against the average estimate of 137 million. World ending stocks pegged at 60.9 MT against 58.9 MMT estimated and 58.3 MMT in March. That increase came from Brazilian where output was increased 2 MMT to 72 MMT. Argentine production was left unchanged at 49.5 MMT, as too was China at 15.2 MMT.