February ‘10 USDA World Agriculture Supply and Demand Estimates
- ‘08/’09 Corn - Neutral
- No changes.
- ‘09/’10 Corn – Neutral
- Ethanol use was estimated 100 million bushels higher due to strong production in late ’09 and currently healthy profitability.
- Exports were reduced 50 million bushels on a weak sales pace.
- Ending stocks were projected down 45 million to 1.719 billion bushels or 48 days of use. This was slightly below trade estimate.
- ‘08/’09 Soybeans – Neutral
- No changes.
- ‘09/’10 Soybeans - Neutral
- Exports were increased by another 25 million bushels and crush was expanded by 10 million.
- Ending stocks were projected lower by 35 million bushels to 210 million or a tightening 23 days of use.
- Other Markets – Neutral
- US milk production was revised higher for ’09 and estimates were increased for ’10 with larger replacement heifer herd numbers and slower slaughter rates.
- International soybean production and stocks continue to be revised higher with increases in Brazil offsetting lower US stocks.
- In general, it was a very quiet report without a lot of new information or data.
http://usda.mannlib.cornell.edu/usda/current/wasde/wasde-02-09-2010.pdf