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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ldo79 who wrote (7609)2/10/2004 8:53:34 PM
From: russwinter   of 110194
 
Another reduction in grain stocks, from very low, to even lower, multi-decade lows in fact, tick, tick, tick:

USDA supply/demand revisions reinforced ideas of tight global stocks and increased demand for US corn. The domestic ending stocks number was pegged at 901 million bushels which is a reduction of 80 million from the January estimate.

Wheat:
The forecast for domestic ending stocks was reduced by 25 million bushels to 534 million. The increase in the USDA export estimate was a positive today and adds confidence to demand bulls. In addition, the estimates for global ending stocks were decreased by 1.3 million metric tons.

Soybeans:
Although the report increased the estimated Brazilian production to a record 61 million metric tons, the post opening rally illustrated recent weather events and the rust could lead to a lower estimate on the next report. The higher production number brought the global ending stocks up by over a million tons up to 37.47 million metric tons.
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