USDA Report Highlights/Early Call

09/06/11 -- Here's a few more highlights from the stack of new figures thrown at us by the USDA this afternoon:

US corn acreage seen falling 1.5 million to 90.7 million. Soybean area left unchanged at 76.6 million.

EU-27 2011/12 wheat crop cut from 138.62 MMT to 131.50 MMT, exports also reduced from 18 MMT to 15 MMT.

French wheat crop cut from 36.7 MMT to 33.35 MMT, German crop down from 24.75 MMT to 22 MMT and UK crop reduced from 16 MMT to 15 MMT.

EU-27 barley production cut from 53.9 MMT to 51.75 MMT. Germany down from 9.62 MMT to 9.0 MMT, France from 9.6 MMT to 8.6 MMT and UK from 5.35 MMT to 5.0 MMT.

EU corn potential left unchanged at 59.3 MMT, Ukraine corn output raised from 14.5 MMT to 15.0 MMT.

EU-27 rapeseed outlook trimmed from 20.0 MMT to 18.8 MMT with reductions for Germany (5.27 MMT to 4.8 MMT), France (4.8 MMT to 4.2 MMT) and the UK (2.2 MMT to 2.1 MMT).

Canadian wheat crop cut 1 MMT to 25 MMT, Australian crop raised from 24.5 MMT to 25 MMT and Argy crop raised 1.5 MMT to 15 MMT.

FSU-12 wheat exports left unchanged at 26.3 MMT, no alterations for production in Russia, Ukraine or Kazakhstan.

Brazil's 2010/11 soybean crop was raised to 74.5 MMT.

China's corn crop raised 5 MMT in 2010/11 and 6 MMT in 2011/12 to 173 MMT and 178 MMT respectively.

Weekly export sales were 477,700 MT for wheat (a bit above trade expectations of 200-400 TMT), 350,200 MT for corn (below estimates of 550-900 TMT) and 120,500 MT for soybeans (again under the anticipated 150-350 TMT).

Overall the numbers look bullish corn, bearish beans and neutral wheat. Early calls are corn corn to open 20-25c higher with beans 5-10c lower and wheat mixed.