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USDA Outlook estimates seen as neutral

Agriculture.com Staff 02/09/2016 @ 7:49am

CHICAGO, Illinois (Agriculture.com)--The USDA Outlook conference started this morning in Washington and will continue through tomorrow.

The USDA released it's U.S. acreage estimates Thursday. The supply/demand numbers from the USDA outlook conference are expected tomorrow morning.

USDA estimated 2010 corn planted acreage 89 million acres vs their previous estimate of 88 million released about a week ago in their "baseline" estimate, and 86.5 million in 2009.

For soybeans, planted acreage is estimated at 77 million vs 76.5 previously in their "baseline" estimate, and 77.5 million in 2009. Wheat planted acreage was pegged at 53.8 million vs 55 million previously in their "baseline" guess, and 59.1 million a year ago.

Joe Bedore, CBOT floor manager for FC Stone, Inc. says the outlook numbers garner little attention.

"I thought the corn and soybean acreage numbers were smaller. A lot of people believe the U.S. will plant 90 million acres of corn. Plus, I thought we would plant more soybean acres too,"Bedore says.

Overall, the numbers were in-line with what the trade expected, Bedore says. “The export numbers were seen more aggressive than first thought,"he says.

However, when you consider the grain markets hardly moved on these numbers, traders wonder the impact of the Outlook Conference.

"For instance, today's market reacted more to the dollar dropping and the crude oil market rallying than these USDA numbers," Bedore says.


USDA estimates U.S. corn production for 2010-11 at 13.2 billion bushels vs. a previous estimate of 12.96 billion. Soybean production was put at 3.26 billion bushels vs 3.23 billion before.


In its Outlook announcement, the USDA raised their estimate of the amount of corn that will be used to make ethanol in the 2010-11 crop year from 4.400 billion bushels to 4.500 billion.

CHICAGO, Illinois (Agriculture.com)--The USDA Outlook conference started this morning in Washington and will continue through tomorrow.

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