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Wrapup of USDA Supply and Demand Report Coverage

Jun 12, 2012 || OpenMarkets || 1Comment

The USDA released its monthly projections for U.S. and global agricultural supply and demand today. The report was the first to be released during recently expanded trading hours for grains. Ending stock projections for wheat and soybeans were slightly lower, while the number for corn went unchanged. Following is some of the day’s analysis and coverage:

Analyst John Sanow says the USDA report provided more questions than answers (Read more at DTN)

Chinese and European corn production caused the USDA to project a 50 million bushel drop in U.S. corn exports (Read more in The Des Moines Register)

Drought and the Eurozone also impacted the price of corn (Read more at CNBC)

World wheat inventories were slightly larger than expected, sending prices lower (Read more at Bloomberg)

USDA projected wheat exports are slightly higher than the May projection, partially due to reduced prospects for the EU and Russia (Read more at Ag Web)

China is expected to import 57 million metric tons of soybeans for the 2011/2012 marketing year, and soybean exports are expected to rise as a result. (Read more at MarketWatch)

The August 2013 carryout for soybeans was pushed down to 140 million bushels. That would be least number of soybeans on hand since the mid-60s, according to Farmgate blog.