Wednesday June 30, 2010

Good morning! The USDA report is bullish and looking good. Corn acreage is amazingly lower than what was originally expected. Corn acres were expected to be around 89.3 million acres. USDA reported the acres at 87.9 million acres. Though corn acres were down, bean acres were over 500K higher than expected. Corn acres were down and bean acres were up.

Corn and bean stocks were very bullish. Reports show that we have less corn and beans than expected. Corn stocks were expected to be at 4.6 billion bushels. USDA report has that pegged at 4.3 billion bushels. Beans were expected to be at 592 million bushels. USDA report has that pegged at 571 million bushels. Very bullish. Both corn and beans are called higher this morning.

ACRES
USDA Wednesday Expected
Corn 87.872 Million 89.302
Beans 78.868 78.292


US STOCKS
USDA Wednesday Expected
Corn 4.310 Billion 4.613
Beans 0.571 0.592
Wheat 0.973 0.938

Today's numbers definitely took everyone by surprise. It's going to be very interesting how the market responds to these bullish figures. Have a great day!

Nathaniel Dubravec