Grain is one of the world's most important staple commodities and one of the most hotly contested. With ever present malnutrition and starvation in many regions contrasting with huge agricultural surpluses in richer areas, it comes as no surprise that grain features highly in both human welfare and global trading issues.
CORN: The USDA increased total supply by 71 million bushels, and raised exports by 75 million. Carry out therefore is expected down by 4 million bushels to 1.349 billion bushels. No appreciation of the price is anticipated by this report, though I don't think the recent export to China , for example. have been considered.
SOYBEANS: Carry out has been lowered by another 5 million bushels to 124 mb. This is 44 million bushels below the 2002 crop carry out, and the smallest since 1976. The price is expected to rally $.60 per bushel.
WHEAT: Carry out is expected down 25 million bushels to 608 million bushels. No price appreciation anticipated by the US supply demand numbers, yet when you look at world carryout down 1.421 billion bushels, opportunities exist of a rally in wheat.
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