Net weekly export sales for corn, came in at 355,500 metric tonnes for the current marketing year and 2,300 for the next marketing year for a total of 357,800.

Cumulative corn sales stand at 36.2% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 40.3%. Sales of 720,000 metric tonnes are needed each week to reach the USDA forecast.

WHEAT:

Net weekly export sales for wheat, came in at 248,300 metric tonnes for the current marketing year and 5,000 for the next marketing year for a total of 253,300.

As of November 6, cumulative wheat sales stand at 71.5% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 62.8%. Sales of 264,000 metric tonnes are needed each week to reach the USDA forecast.

SOY COMPLEX:

Net weekly export sales for soybeans came in at 478,300 metric tonnes for the current marketing year and none for the next marketing year for a total of 478,300.

As of November 6, cumulative soybean sales stand at 56.3% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 51.6%. Sales of 284,000 metric tonnes are needed each week to reach the USDA forecast.

Net meal sales came in at 124,400 metric tonnes. Cumulative soybean meal sales stand at 33.0% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 36.9%. Sales of 112,000 metric tonnes are needed each week to reach the USDA forecast.

Net oil sales came in at 6,300 metric tonnes. Cumulative soybean oil sales stand at 17.2% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 24.4%. Sales of 18,000 metric tonnes are needed each week to reach the USDA forecast.

COTTON:

Net weekly export sales for cotton, came in at 134,000 running bales for the current marketing year and none for the next marketing year for a total of 134,000.

As of November 6, cumulative cotton sales stand at 56.5% of the USDA forecast for 2008/2009 (current) marketing year versus a 5 year average of 48.1%. Sales of 138,000 running bales are needed each week to reach the USDA forecast.

This content originated from - The Hightower Report.

The USDA’s Crop Production and Supply/Demand report was considered mostly neutral this morning with corn called 5-10 cents higher on the open. The USDA pegged corn production at 12.020 billion bushels which was about 55 million bushels below trade expectations and compares with 12.033 billion posted in the October 28th update. Yield was revised down to 158.3 bushels/acre from 153.9 last but the trade expected a higher number. Ending stocks were pegged at 1.124 billion bushels from 1.088 billion last month but this was still about 65 million bushels below trade expectations. Exports were revised lower by 50 million bushels and domestic usage left unchanged. World numbers were somewhat negative as world usage was revised lower by about 2.5 million tonnes and beginning stocks were revised higher. As a result, ending stocks are now pegged at 110.12 million tonnes from 105.57 million last month and 126.47 million last year.

WHEAT:

The USDA’s Supply/Demand revisions this morning were considered neutral to slightly negative in wheat with the market called unchanged to 7 cents higher. US ending stocks were raised to 603 million bushels from 601 last month. Traders were expecting a drop of about 15 million bushels. Yield and production were left unchanged as expected and usage numbers were also unchanged with the exception of ‘seed’ which was lowered by 2 million. On the world S&D report, Argentine production was lowered 1.0 million tonnes to 11.00 million, Australia was lowered 1.5 million tonnes to 20.0 million. This was about as expected. However, the EU wheat crop was raised to 150.6 million from 147.17 on the October report which left world production about 2.2 million tonnes higher than last month. World trade was raised to 121.83 million tonnes from 120.83 million last month.

SOY COMPLEX:

The USDA’s Crop Production and Supply/Demand Reports were considered neutral for soybeans with the market called 20-25 higher. The USDA pegged soybean production at 2.921 billion bushels which was about as expected and is down 17 million bushels from the last update. Yield was revised down to 39.3 bushels per acre from 39.5 last month. Traders expected a drop of about 10 million bushels in ending stocks but the USDA left ending stocks unchanged from last month at 205 million bushels. Crush was revised lower by 15 million bushels. World numbers were somewhat supportive with Brazil production down to 60 million tonnes from 62.5 million posted in October. As a result, ending stocks are now pegged at 54.06 million tonnes from 54.34 million last month and 53.04 million last year.

This content originated from - The Hightower Report.

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.

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This content originated from - The Hightower Report.

The USDA’s Crop Production and Supply/Demand Report this morning was considered somewhat bullish for soybeans with the early opening calls at 25-30 higher based in part on the lower dollar and strong action in the soybean complex overnight. The USDA pegged the US soybean yield at 40 bushels per acre compared to 40.5 bushels per acre on the August report. This lowers the US soybean crop to 2.934 billion bushels compared with 2.973 billion bushels last month and 2.585 billion bushels last year. Ending stocks were left unchanged at 135 million bushels while beginning stocks were raised 5 million to 140 million bushels. Traders expected ending stocks near 145 million. While the USDA revised crop production lower by 39 million bushels, demand was also revised lower with the crush down 30 million. World ending stocks were adjusted higher to 51.23 million tonnes from 49.28 million last month as Argentina production was revised 1 million tonnes higher and beginning stocks were higher. China import demand was left unchanged at 36 million tonnes despite the adjustment higher in production.

CORN

The report this morning was considered supportive this morning with the market called 7-10 higher. The corn yield was put at 152.3 bu/acre compared to 155.0 bushels per acre on the August report and a trend line yield of 154.9. This pushed production to 12.072 billion bushels, down 216 million bushels from last month. Usage was revised lower by 100 million bushels due to an adjustment lower for feed. This put corn ending stocks at 1.018 billion bushels as compared to 1.133 billion bushels in August and 1.576 billion last year. This is a stocks/usage of 8.1% which is the second lowest in history behind 95/95. World ending stocks were pegged at just 109.9 million tonnes as compared with 112.4 million last month and 123.5 million tonnes last year. This is very tight.

WHEAT

The report this morning was neutral for wheat and the opening call is 8-12 cents higher based on outside markets and bullish overnight action in wheat. The USDA left production, usage and ending stocks levels. This leaves ending stocks at a moderate 574 million bushels. This also leaves the US stocks/usage ratio unchanged at 25.0% compared to 13.1% for 2007-08. World wheat production for 2008-09 came in at 676.28 compared to 670.75 million tonnes on the August report. This was mostly in line with recent trade estimates. Australian production was lowered to 22.0 million tonnes from 25.0 million tonnes last month in line with recent private forecasts. Argentina was lowered to 12.5 million tonnes compared to 13.5 last month. This was also about as expected. The EU wheat crop was raised to 147.19 million tonnes from 143.17 last month and this was also in line with recent trade and governmental updates in Europe. Canadian production was raised slightly and China production was left unchanged.

This content originated from - The Hightower Report.

Corn came in at 33.099 million bushels. Cumulative corn export inspections for the 07-08 marketing year have reached 96.0% of the USDA forecast versus a 5 year average of 94.3%. Inspections of 341.0 million bushels are needed each week to reach the USDA forecast.

Wheat came in at 30.152 million bushels. Cumulative wheat export inspections for the 08-09 marketing year have reached 32.3% of the USDA forecast versus a 5 year average of 23.4%. Inspections of 17.0 million bushels are needed each week to reach the USDA forecast.

This content originated from - The Hightower Report.