USDA Grain Projections - No Surprises in Production.
The latest November USDA WASDE Report released this morning for corn and soybeans had no big surprises. The report came in line with most analysts’ estimates and will be viewed by the markets as neutral to bullish.
Corn Production came in at 12.0 billion bushels and yields are projected at 153.9 bpa vs. the 153.8 bpa last month. Exports were lowered by 50 million bushels raising ending stocks to 1,124 billion bushels from last month’s 1,088 billion bushels.
Soybean production is estimated at 2.921 billion bushels and yields are projected at 39.3 bpa vs. last month at 39.5 bpa. Soybean ending stocks remain the same at 205 million bushels.
WHEAT: U.S. wheat supply and use projections are mostly
unchanged this month with only a minor adjustment to seed use
and shifts among classes on imports and exports. Seed use is
lowered 2 million bushels reflecting early indications that 2009
winter wheat seedings will be lower than previously expected.
The lateness of this year's fall row crop harvest has limited
planting opportunities for both soft red and hard red winter
wheat. By-class changes to wheat imports and exports are
made to reflect the pace of shipments to date. The all wheat
season-average farm price is projected at $6.55 to $7.15 per
bushel, down on both ends of the range from last month's $6.60
to $7.40 per bushel. Price prospects for the remainder of the
marketing year are dampened by rising world supplies and
continued declines in futures and cash prices.
<a href="http://www.usda.gov/oce/commodity/wasde/latest.txt"target="blank">
To find out more: You can read the USDA WASDE Report. </a>
The latest November USDA WASDE Report released this morning for corn and soybeans had no big surprises. The report came in line with most analysts’ estimates and will be viewed by the markets as neutral to bullish.
Corn Production came in at 12.0 billion bushels and yields are projected at 153.9 bpa vs. the 153.8 bpa last month. Exports were lowered by 50 million bushels raising ending stocks to 1,124 billion bushels from last month’s 1,088 billion bushels.
Soybean production is estimated at 2.921 billion bushels and yields are projected at 39.3 bpa vs. last month at 39.5 bpa. Soybean ending stocks remain the same at 205 million bushels.
WHEAT: U.S. wheat supply and use projections are mostly
unchanged this month with only a minor adjustment to seed use
and shifts among classes on imports and exports. Seed use is
lowered 2 million bushels reflecting early indications that 2009
winter wheat seedings will be lower than previously expected.
The lateness of this year's fall row crop harvest has limited
planting opportunities for both soft red and hard red winter
wheat. By-class changes to wheat imports and exports are
made to reflect the pace of shipments to date. The all wheat
season-average farm price is projected at $6.55 to $7.15 per
bushel, down on both ends of the range from last month's $6.60
to $7.40 per bushel. Price prospects for the remainder of the
marketing year are dampened by rising world supplies and
continued declines in futures and cash prices.
<a href="http://www.usda.gov/oce/commodity/wasde/latest.txt"target="blank">
To find out more: You can read the USDA WASDE Report. </a>