Intial Post-Report Comment, 10-12-07

10-12-07
7:35 am

Production>
Corn= 13.318, vs avg guess of 13.459, range= 13.232-13.600, Sep USDA= 13.308
Soybeans= 2.598, vs 2.648 avg, range= 2.583-2.722, Sep USDA= 2.619

Yield>
Corn= 154.7, vs 157.7 avg, range= 154.9-159.2, Sep USDA= 155.8
Soybeans= 41.4, vs 41.9 avg, range= 41.0-43.0, Sep USDA= 41.4

Carryout>
Corn= 1.997, vs 1.959 avg, Sep USDA= 1.675
Soybeans= 215, vs 238 avg, Sep USDA= 215
Wheat= 307, vs 304 avg, Sep USDA= 362

**The reports will be seen as bullish. The corn yield being lowered from last month is a real shocker. The carryout figure in itself is not bullish, but in comparison to expectations it isn't nearly as high as considered quite possible. This sets the stage for short-covering in the corn market. The acreage battle talk will intensify again.
Published Friday, October 12, 2007 7:08 AM
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