Key Data in USDA Reports
** 2007-08 U.S. CARRYOVER **
CORN: 1.438 billion bu.; unch from Feb. est. of 1.438 bil. bu.
BEANS: 140 million bu.; down from Feb. est. of 160 mil. bu.
WHEAT: 242 million bu.; down from Feb. est. of 272 mil. bu.
** 2007-08 GLOBAL CARRYOVER **
CORN: 104.0 MMT; up from 101.88 MMT in Feb.
BEANS: 47.44 MMT; up from 45.82 MMT in Feb.
WHEAT: 110.4 MMT; up from 109.7 MMT in Feb.
** 2007-08 GLOBAL PRODUCTION HIGHLIGHTS **
ARGENTINE BEANS: 47.0 MMT; unch from Feb. proj. of 47.0 MMT
BRAZIL BEANS: 61.0 MMT; up from Feb. proj. of 60.5 MMT
ARGENTINE WHEAT: 15.5 MMT; unch from Feb. proj. of 15.5 MMT
AUSTRALIA WHEAT: 13.1 MMT; up from Feb. proj. of 13.0 MMT
CHINA WHEAT: 106.0 MMT; unch from Feb. proj. of 106.0 MMT
CANADA WHEAT: 20.1 MMT; up from Feb. proj. of 20.05 MMT
EU-27 WHEAT: 119.7 MMT; up from Feb. proj. of 119.5 MMT
CHINA CORN: 145.0 MMT; unch from Feb. proj. of 145.0 MMT
ARGENTINE CORN: 21.5 MMT; unch from Feb. proj. of 21.5 MMT
SOUTH AFRICA CORN: 11.0 MMT; unch from Feb. proj. of 11.0 MMT
BRAZIL CORN: 53.0 MMT; up from Feb. proj. of 50.0 MMT
Although higher exports and tighter ending stocks projections for soybeans and wheat are nominally bullish to futures markets Tuesday (and the markets may already be bullishly biased), larger world ending stocks projections for corn, soybeans, and wheat could temper the overall reaction.
CORN: 1.438 billion bu.; unch from Feb. est. of 1.438 bil. bu.
BEANS: 140 million bu.; down from Feb. est. of 160 mil. bu.
WHEAT: 242 million bu.; down from Feb. est. of 272 mil. bu.
** 2007-08 GLOBAL CARRYOVER **
CORN: 104.0 MMT; up from 101.88 MMT in Feb.
BEANS: 47.44 MMT; up from 45.82 MMT in Feb.
WHEAT: 110.4 MMT; up from 109.7 MMT in Feb.
** 2007-08 GLOBAL PRODUCTION HIGHLIGHTS **
ARGENTINE BEANS: 47.0 MMT; unch from Feb. proj. of 47.0 MMT
BRAZIL BEANS: 61.0 MMT; up from Feb. proj. of 60.5 MMT
ARGENTINE WHEAT: 15.5 MMT; unch from Feb. proj. of 15.5 MMT
AUSTRALIA WHEAT: 13.1 MMT; up from Feb. proj. of 13.0 MMT
CHINA WHEAT: 106.0 MMT; unch from Feb. proj. of 106.0 MMT
CANADA WHEAT: 20.1 MMT; up from Feb. proj. of 20.05 MMT
EU-27 WHEAT: 119.7 MMT; up from Feb. proj. of 119.5 MMT
CHINA CORN: 145.0 MMT; unch from Feb. proj. of 145.0 MMT
ARGENTINE CORN: 21.5 MMT; unch from Feb. proj. of 21.5 MMT
SOUTH AFRICA CORN: 11.0 MMT; unch from Feb. proj. of 11.0 MMT
BRAZIL CORN: 53.0 MMT; up from Feb. proj. of 50.0 MMT
Although higher exports and tighter ending stocks projections for soybeans and wheat are nominally bullish to futures markets Tuesday (and the markets may already be bullishly biased), larger world ending stocks projections for corn, soybeans, and wheat could temper the overall reaction.