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USDA Report Commentary for April 9th
Friday, April 09, 2010

by Joe Vaclavik of MF Global Inc.

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USDA Crop Production Report, April 2010

 

09-10 Carryout

Corn:                1.899 bil/bu                   1.909 avg guess             1.718 – 2.149 rang

Soybeans:        190 mil/bu                     209  avg guess               170 – 242 range

Wheat:             950 mil/bu                     1.001 avg guess             .971 – 1.100 range

Highlights

·         Corn:  Feed/Residual use number lowered by 100 mil/bu; No other changes to 09-10 balance sheet

o        World Corn: 144.2MMT vs. 140.15mmt in March

·         Soybeans:  Exports up 25 mil/bu, Residual down 26 mil/bu, Seed up 2 mil/bu; Ending stocks unch vs. March report

o        World Soybeans:  62.96MMT vs. 60.67MMT in March

·         Wheat:  Exports up 40 mil/bu, Feed up 10 mil/bu

o        World Wheat:  195.8MMT vs. 196.8MMT in March

 

This morning’s report should be viewed as mostly neutral for corn, soy and wheat.  Opening calls are steady to slightly lower   Call the office with any questions on this morning’s report.  (877) 310-5643 

Looking for trade recs for corn, soy and wheat?  Contact Joe Vaclavik of MF Global!  He can be reached at (312) 528-3458 or at jvaclavik@mfglobal.com

 

 



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About the author

Joe Vaclavik began his career in the brokerage industry working for a prominent ag-marketing firm. He worked primarily with grain and livestock producers in developing cash marketing plans and viable hedging strategies. Now at MF Global, Joe continues to work with a large number of grain and livestock producers across North America and also works with both private and institutional speculative traders. He prides himself on providing traders with his personal research and has worked hard to ensure the success of his clients. Joe authors his Grain Wire every morning which includes outlook and trade recommendations. He also issues a weekly Grain Marketing Update which advises producers on cash grain and hedge positions. Joe can be reached directly at (877) 310-5643 or at jvaclavik@mfglobal.com.

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