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MINNEAPOLIS GRAIN EXCHANGE PROVIDES USDA CROP REPORT REACTION

 MINNEAPOLIS, Jan. 12 /PRNewswire/ -- Following the close of futures trading this afternoon, the United States Department of Agriculture released its 1993-94 ending stocks and world Supply/Demand reports.
 1993-94 ending stocks figures for major grains were estimated at 598 million bushels of wheat, 150 million bushels of soybeans, and 802 million bushels of corn.
 USDA 1993 soybean and grain production estimate is 2.402 billion bushels of wheat, 1.808 billion bushels of soybeans, and 6.344 billion bushels of corn.
 USDA 1994 U.S. winter wheat seedings were reported at 35.8 million planted acres of hard red winter wheat, 10.3 million planted acres of soft red winter wheat and 4.5 million planted acres of white winter wheat. Total winter wheat planted is 50.612 million acres.
 USDA World Supply/Demand report for 1993-94 estimates showed South Africa corn at 9.5 million tonnes and Argentina corn at 10.5 million tonnes. Former USSR grain crop at 182.2 million tonnes while former USSR grain imports came in at 27.1 million tonnes.
 Reaction by futures trader from the Minneapolis Grain Exchange:
 Helen Pound, Goldenberg, Hehmeyer & Co., 612-332-6473
 Analysts' initial response to today's USDA monthly Supply/Demand report was bullish due to across the board reduction in carryover stocks. The puzzling question facing hedgers is what extent the futures market has already anticipated tightening supplies. We expect to see prices remain quite volatile as we move into the spring planting season, because tight ending stocks make the market more vulnerable than usual to new crop production problems.
 -0- 01/12/94
 /CONTACT: Albert Maruggi, marketing and public relations director of the Minneapolis Grain Exchange, 612-338-6212/


CO: Minneapolis Grain Exchange ST: Minnesota IN: AGR SU:

CP-DB -- MN016 -- 1578 01/12/94 18:00 EST
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Date:Jan 12, 1994
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