USDA Update: 10/9/09

Report highlights:
Corn acres down 600,000, beans acres down 200,000, and wheat acres down 700,000
Corn exports cut 50
Bean exports increased 25

Corn yield 164.2 vs. 161.9 in Sept and 162.57 est.
Bean yield 42.4 vs. 42.3 in Sept and 42.78 est.

09/10 ending stocks
Corn 1.672 vs. 1.635 in Sept and 1.668 est.
Beans 230 vs. 220 in Sept and 249 est.
Wheat 864 vs 743 in Sept and 802 est.

Production
Corn 13.018 vs. 12.954 in Sept and 12.986 est.
Beans 3.250 vs. 3.245 in Sept and 3.281 est.

World ending stocks
Corn 136.3 vs. 139.1 in September
Beans 54.79 vs. 50.53 in Sept

CBOT calls as of 8:30 range from: corn down 3 to up 7, beans down 10 to up 10, and wheat down 5-10 to up 7.Let’s go with steady to a nickel either side to start in beans, corn down 3-5, and wheat down 5-10.Don’t be surprised with a two-sided day as the trades decides whether this week’s rally has factored in the wetter forecast.

Phil