Crop Production 7/9/2010 – Futures News

CHICAGO, July 9 (Reuters) – The U.S. Agriculture Department
on Friday reduced its estimate of U.S. corn ending stocks for
both the 2009/10 and 2010/11 marketing years.
The USDA pegged 2009/10 ending stocks at 1.478 billion
bushels, compared with an average trade estimate for 1.40
billion bushels and down from the USDA’s June estimate of 1.603
billion bushels.
The USDA forecast corn ending stocks in the 2010/11 season
at 1.373 billion bushels, compared with an average trade
estimate for 1.301 billion and below the USDA’s June estimate
of 1.573 billion bushels.
Ending stocks for soybeans in the 2009/10 season were
pegged by the USDA at 175 million bushels, compared with an
average trade estimate of 169 million bushels and down from the
USDA’s June forecast for 185 million bushels.
New-crop soybean ending stocks were estimated by the USDA
at 360 million bushels, below an average trade estimate of 366
million bushels and unchanged from the USDA’s June forecast.
The USDA pegged 2010/11 U.S. all-wheat production at 2.216
billion bushels, compared with an average trade estimate for
2.163 billion bushels. Production in 2009 was 2.216 billion.
The USDA’s first estimate of U.S. spring wheat production
was 606.8 million bushels, compared with an average trade
estimate for 566 million bushels. Production in 2009 was 584
million bushels.