Indiana Grain Company, LLC

Posted: 03/10/10

By: tomgrisafi

The initial reaction among many traders to today's USDA crop report is that the data is bearish to corn and wheat and friendly to soybeans.

The reduction in corn was on par with estimates, but few expected the sharp reduction in exports (100 million bushels).

Earlier reports suggested that exports would be reduced by 50 million bushels not by 100 million.

The USDA estimated 2009-10 U.S. crop production at 13.131 million bushels vs. the average analysts estimate of 13.081 and its January estimate of 13.151 million.

In addition, the U.S. corn yield was pegged at 164.9 bushels per acre compared to the average analysts estimate of 164.5 and its previous estimate of 165.2 bushels per acre.

For soybeans, the USDA estimated U.S. 200-10 production at 3.359 billion bushels vs. the average analysts estimate of 3.35 billion and its January estimate of 3.361.

Also, the USDA estimated U.S. soybean yield at 44 bushels per acre compared to the average analysts estimate of 43.8 and its January estimate of 44.0 bushels per acre.

Be the first to comment on this blog!