The USDA Numbers

Posted by Nogger - a legend in his own mind at 13:48 | Categorized as

09/02/12 -- The USDA's eagerly awaited raft of important numbers are out and for once are mostly in line with trade expectations.

Catching my eye however is world wheat ending stocks increasing by 3 MMT to an all time high 213.1 MMT whereas a drop of around 1 MMT had been expected.

Brazilian corn production wasn't dropped as expected but left unchanged at 61.0 MMT, Argy corn output was lowered to 22.0 MMT, roughly in line with trade guesses.

Argy soybean production was cut 2.5 MMT to 48.5 MMT, Brazil's ouput was reduced 2 MMT to 72.0 MMT.

US soybean ending stocks came in as per expectations at 275 million bushels, wheat stocks were cut a bit more than expected to 845 million due to increased US exports. Corn ending stocks were reduced by a little less than anticipated to 801 million.