USDA Stocks Report Estimates
The USDA are out at 13.30 BST today with their quarterly stocks report based on Sept 1st levels. With Sept 1st being the start of the marketing year for corn & soybeans, these numbers will also be the MY 2008/09 ending stocks.
Strong demand from China and a sharply reduced Argentine crop mean that US soybean ending stocks are expected to be around 110-112 million bushels, which would be the tightest year-end supply in 32 years.
For corn ending stocks are expected around 1.719 billion bushels.
For wheat the 2009/10 marketing year has already begun, Sept 1st stocks are seen at around 2.13 billion bushels.
With the spring wheat harvest almost over, the USDA will also report on this season's wheat production. Trade guesses for all wheat range from 2.154-2.244 billion bushels, with an average around 2.19 billion, up from August's estimate of 2.18 billion. All winter wheat is expected to comprise 1.542 billion of that, with spring wheat averaging 552 million bushels and durum 98 million.
Strong demand from China and a sharply reduced Argentine crop mean that US soybean ending stocks are expected to be around 110-112 million bushels, which would be the tightest year-end supply in 32 years.
For corn ending stocks are expected around 1.719 billion bushels.
For wheat the 2009/10 marketing year has already begun, Sept 1st stocks are seen at around 2.13 billion bushels.
With the spring wheat harvest almost over, the USDA will also report on this season's wheat production. Trade guesses for all wheat range from 2.154-2.244 billion bushels, with an average around 2.19 billion, up from August's estimate of 2.18 billion. All winter wheat is expected to comprise 1.542 billion of that, with spring wheat averaging 552 million bushels and durum 98 million.