CORN: The USDA’s Crop Production and Supply/Demand revisions this morning were considered supportive to the market with corn called 20-25 cents higher. The USDA revised planted and harvested acres down by 1 million acres. Yield was revised down.10 to 153.9 bushels/acre. This pushed production down to 12.033 billion bushels, down 167 million bushels from the original forecast. However, the USDA also lowered feed usage by 50 million and export demand by 50 million bushels. Ending stocks are now pegged at 1.088 billion bushels from 1.154 billion last month. This leaves stocks/usage at 8.6% from 9.1% in the original October forecast and is seen as supportive.
WHEAT: There were no revisions to the October 10, 2008 Supply/Demand Report today.
SOY COMPLEX: The USDA issued a corrected Supply/Demand Report for soybeans today. It was considered bullish and soybeans are called 50 cents higher to limit up. The estimate of soybean harvested acreage was revised to 74.4 million acres, down 1.1 million from the original October report. Yield was left unchanged, but the lower acreage resulted in a lower production estimate at 2.938 billion bushels compared to 2.983 on the original report. Ending stocks were lowered to 205 million bushels compared to 220 on the original report. With the crush number left unchanged, meal and oil S&D numbers were all left unchanged. Soybean exports were revised lower by 30 million bushels to 1.02 billion bushels.
