USDA releases the latest Crop Production Estimates and Ending Stocks numbers.Fri, 10 Aug 2012 08:06:27 CDT
Tom Leffler of Leffler Commodities
The USDA released its latest Crop Production Estimates and Ending Stocks numbers this morning, August 10, 2012. According to Tom Leffler of Leffler Commodities, the trade was a little surprised at the numbers, as the USDA came in with lower numbers than the average trade guesses.
The corn crop came in with a yield of 123.4 bushels per acre while the trade was looking for over 126 bpa. Corn production came in at 10.779 billion bushels, also lower than expected. The USDA also cut harvested corn acres by one and a half million acres.
The soybean yield came in at 36.1 bushels per acre, soybean production was 2.69 billion, both numbers lower than expected. Wheat production came in all higher than expected.
The Ending Stocks numbers for the corn and soybean were left virtually unchanged than what the trade was looking for, however, they were a little lower than what we saw in July.
You can hear Tom's complete analysis by clicking on the listening bar below.
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