USDA report data...

*At 7:30 USDA released the following Production and Carryout projections:
Carryout>
Corn= 1.154, vs estimates of 1.138 bil avg, range= 906-1.440, Sept USDA= 1.018
Soybeans= 220, vs 188 avg, range= 137-258, Sept USDA= 135
Wheat= 601, vs 552 avg, range= 507-600, Sept USDA= 574

Production>
Corn= 12.200 (154 bpa), vs estimates of 12.076 bil avg, range= 11.841-12.250, Sept USDA= 12.072
Soybeans= 2.983 (39.5 bpa), vs 2.920 avg, range= 2.847-3.001, Sept USDA= 2.934

*USDA increased 2008 planted soybean acres to 77.0 mil, up from 74.8 mil last month?
*USDA increased 2008 harvested soybean acres to 75.5 mil, up from 73.3 mil last month?
These acreage adjustments caused production to increase 49 mil, while yield was actually lowered ½ bushel.
*USDA increased corn for feed usage by 150 mil, lowered ethanol usage by 100 mil and left corn export projections unchanged.

There is nothing bullish about any of these numbers, but market direction focus will be most concentrated on financial market trends.

Published Friday, October 10, 2008 7:46 AM
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