USDA crop estimates seen bullish
Wednesday morning, USDA released annual Crop Production figures, as well as monthly world Supply/Demand (WASDE) and Grain Stocks reports. USDA released annual crop production figures that show both the nation's corn and soybean crops were slightly lower than originally pegged, numbers expected to be bullish to the trade Wednesday. Soybeans are expected to open around 20 cents higher, while corn and wheat are expected to open 10-15 cents higher, analysts say.
2010 corn production for the U.S. was 12.4 billion bushels, 1% lower than thought in USDA's November estimate and 5% below the record crop in 2009. Yields averaged 152.8 bushels/acre.
For soybeans, U.S. farmers raised 3.33 billion bushels in 2010, down 1% from the November 2010 estimate and 1% lower than the 2009 crop, making it the second-largest bean crop on record.
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Annual Crop Production report
Wednesday's World Supply/Demand (WASDE) report shows U.S. wheat ending stocks are 40 million bushels lower than thought a month ago, "reduction in expected feed and residual use is more than offset by higher projected exports," according to the report.
Corn ending stocks are seen 87 million bushels lower than thought a month ago, at 745 million bushels. That number's down 963 million bushels from a year ago. "Heavy early season marketings of corn priced well below current cash price levels are expected to limit the upside potential for the weighted average price received by producers," according to Wednesday's WASDE report.
World Supply/Demand report (WASDE)
Grain Stocks report