USDA Report data, 6-10-08

**USDA Monthly Supply & Demand/Crop Production data released at 7:30 this morning:
2007-08 Carryout Estimates>
Corn= 1.433, vs estimates of 1.424 bil avg, range= 1.378-1.583, May USDA= 1.383, 2006-07= 1.304
Soybeans= 125, vs 134 mil avg, range= 101-145, May USDA= 145, 2006-07= 574
Wheat= 254, vs 241 mil avg, range= 219-256, May USDA= 239

2008-09 Carryout Estimates>
Corn= 673, vs estimates of 736 mil avg, range= 615-850, May USDA= 763
Soybeans= 175, vs 180 avg, range= 141-285, May USDA= 185
Wheat= 487, vs 496 avg, range= 336-580, May USDA= 483

2008 Wheat Production Estimates>
All Winter= 1.817, vs estimates of 1.813 bil avg, range= 1.774-1.850, May USDA= 1.778, 2007 production= 1.516
Hard Red= 1.030, vs estimates of 1.038 bil avg, range= 1.000-1.073, May= 1.011, 2007=962
Soft Red= 571.6, vs estimates of 562 avg, range= 550-605, May= 551, 2007= 358
White Winter= 216.2, vs estimates of 213 mil avg, range= 190-228, May= 215, 2007=197

World Wheat stocks= 132.1 mmt, vs 124 in May
World Corn stocks= 103.3 mmt, vs 99.0 in May
World Soybean stocks= 50.41 mmt, vs 49.26 in May

*USDA lowered US corn yield estimates 5 bpa to 148.9. Global figures are neutral/bearish for all markets.

Calls will be higher, led by corn.

Published Tuesday, June 10, 2008 7:24 AM
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