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| USDA Report Summary 08/09 07:40
The August 10th Crop Production report may have a bearish impact on the corn
market, as the USDA has increased its 2007 production estimate by 200 million
bushels since the July report to 13 billion bushels. Nonetheless, this is
still within the range of trader estimates going into the report, and may not
test technical support on the futures chart. For soybeans, the report was
neutral, but wheat trade may also be bullish by focusing on the decreased
production estimate.
U.S. CROP PRODUCTION (Million Bushels) 2007-2008
August Average High Low July 2006-07
Corn 13,054 12,910 13,200 12,640 12,840 10,535
Soybeans 2,625 2,650 2,720 2,550 2,625 3,188
Grain Sorghum 475 435 470 400 430 278
All Wheat 2,114 2,130 2,165 2,065 2,138 1,812
All Winter 1,537 1,555 1,575 1,530 1,562 1,298
Spring 500 510 535 460 498 460
Durum 77 78 80 75 60 53
U.S. AVERAGE YIELD (Bushels per acre) 2007-2008
August Average High Low July 2006-07
Corn 152.8 151.2 154.5 147.9 150.3 149.1
Soybeans 41.5 41.9 43.0 40.3 41.5 42.7
Grain Sorghum 70.9 64.0 64.5 63.5 64.2 56.2
U.S. ENDING STOCKS (Million Bushels) 2007-2008
August Average High Low July 2006-07
Corn 1,516 1,510 1,800 1,170 1,502
Soybeans 220 250 340 170 245
Grain Sorghum 68 65 70 60 63
Wheat 404 400 460 365 418 456
U.S. ENDING STOCKS (Million Bushels) 2006-2007
August Average High Low July 2005-06
Corn 1,137 1,130 1,190 1,055 1,137 1,967
Soybeans 575 535 555 515 545 449
Grain Sorghum 38 35 40 30 38 66
WORLD ENDING STOCKS (Million metric tons)
2007-2008 2006-2007
August July August July
Wheat 114.78 116.55 124.15
Corn 102.23 108.36 100.95
Soybeans 51.63 51.87 64.17
WORLD PRODUCTION (Million Metric Tons)
2007-2008 2006-2007
August July August July
Brazil soybeans 61.0 61.0 59.0
Argentine soybeans 47.0 47.0 47.2
Argentina corn 24.0 24.0 22.5
Brazil corn 50.0 50.0 50.0
Australia wheat 23.0 23.0 9.9
Canada wheat 21.5 22.5 25.3
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Here is the Report
