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USDA data to pressure soybean prices

11/08/2012 @ 4:06pm

USDA says the U.S. farmers produced more corn and soybeans in 2012, pushing the Friday CME Group farm markets lower. 

As a result, the trade sees the report as bearish soybeans and wheat,  but neutral for the corn market.


PRODUCTION

In its November Crop Production and Supply/Demand Reports, USDA estimates the U.S. 2012 corn production at 10.725 billion bushels vs. the average trade estimate of 10.670 billion bushels and the USDA's October estimate of 10.706 billion bushels.

 

USDA pegged the U.S. corn yield at 122.3 bushels per acre vs. the average trade estimate of 122.0 bushels an acre and the USDA's previous estimate of 122.0.


For soybeans, the USDA estimates the U.S. 2012 production at 2.971 billion bushels compared with the average trade estimate of 2.892 billion bushels and the USDA's previous estimate of 2.860 billion bushels. 


USDA estimates the U.S. soybean yield at 39.3 bushels per acre vs. the average estimate of 38.1 bushels per acre and USDA's October estimate of 37.8 bushels an acre.


ENDING STOCKS

The U.S. 2012-13 corn ending stocks are estimated at 647 million bushels vs. the USDA's previous estimate of 619 million bushels and the average trade estimate of 628 million bushels. 


For soybeans, the 2012-13 ending stocks are pegged at 140 million bushels vs. the average trade estimate of 131 million bushels and the USDA's October estimate of 130 million bushels. 

 

USDA estimates 2012-13 U.S. wheat ending stocks at 704 million bushels vs. the average trade estimate of 658 million bushels and the USDA's previous estimate of 654 million.

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