Ahead of Thursday’s USDA supply and demand update, on average, analysts expect a tighter domestic supply of corn, soybeans, and wheat.
The average projection for 2011/12 corn ending stocks, via Dow Jones Newswires, is 797 million bushels, compared to the 846 million in December’s report thanks to good export demand. Soybeans are pegged at 269 million bushels, compared to 275 million a month ago, and wheat is seen at 868 million bushels, compared to 868 million last month. A year ago at this time, 2010/11 corn ending stocks were 1.128 billion bushels, soybeans totaled 215 million, and wheat ending stocks were 862 million bushels.
Also on Thursday, USDA will be updating the global balance sheet with South American production numbers hotly anticipated following extremely warm and dry weather during critical growth periods. Argentina’s corn crop is estimated at 22.5 million tons and soybeans are placed at 48.5 million tons, while Brazil’s corn is pegged at 59.8 million tons and soybeans are seen at 71.7 million tons. Last month, USDA put Argentina’s corn crop at 26.0 million tons and soybeans at 50.5 million, while Brazil’s corn crop was estimated at 61.0 million and soybeans were projected at 74.0 million tons.
The numbers are out Thursday, February 9 at 7:30 AM Central.

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