Printer Friendly

OCTOBER 8 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE

 OCTOBER 8 USDA CROP REPORT REACTION PROVIDED BY
 MINNEAPOLIS GRAIN EXCHANGE
 MINNEAPOLIS, Oct. 8 /PRNewswire/ -- Following the close of futures trading this afternoon, the United States Department of Agriculture released its 1991 USDA soybean and grain report. Estimates for US grain and soybean production were reported at: wheat 2.459 billion, corn 8.938 billion and soybeans 2.108 billion bushels.
 The USDA also released ending stocks for major grains. The 92-93 ending stocks for wheat came in at .573 billion, corn 1.864 and soybeans .305 billion bushels. The 91-92 estimates were: wheat .472 billion, corn 1.1 and soybeans .278 billion bushels.
 The former USSR grain production was estimated at 174.8 million tons while former USSR grain import came in at 30.1 million tons.
 Minneapolis Grain Exchange future traders reaction:
 David Baxter, commodity broker, Linnco Futures 612-333-6231
 "Today's USDA crop production report did not tell traders what they didn't already know. Production for spring wheat, corn and soybeans continues to trend higher. The key for all of these markets is going to be demand. In the case of wheat, we have already had a good run to demand this fall. As long as wheat can remain competitive to corn exports for wheat should remain steady. For the futures markets to react positively we will need to see some glamour business (PRC & Soviet block). The Minneapolis nearby futures have found a value area at 330 plus or minus 10 cents. Any substantial move out of this trading range in the near future is doubtful."
 Wes Oja, senior wheat analyst, Country Hedging 612-641-6550
 "Today's supply/demand report appears to be neutral. The carryout was reduced by about 100 million bushels. The carryout number may be friendly to wheat in general but the 37 million bushel increase in Hard Red Spring Wheat production may prompt MGE wheat to continue trading at a discount to Kansas City and Chicago. Expect to see little impact on flat prices in response to today's USDA report."
 Helen Pound, manager, Goldenburg, Hehmeyer & Co., 612-332-6473
 "The big surprise in the October crop report was the 101 million bushels decrease in wheat carryover stocks which resulted from much larger than expected increases in wheat feeding projections. Friday morning should find speculators buying wheat and selling corn based on today's report. Wheat could gain 5-10 cents on corn, with wheat prices moving higher and corn prices moving lower."
 Supply Exports Domestic Usage Carryout C/U (pct.)
 HRW
 Oct. 1161 440 495 935 226 24
 Sept. 1150 435 468 903 247 27
 91-92 1262 558 509 1068 194 18
 90-91 1414 368 686 1054 360 34
 SRW
 Oct. 468 205 225 430 38 9
 Sept. 470 195 220 415 55 13
 91-92 405 105 259 364 41 11
 90-91 579 230 269 499 80 16
 HRS
 Oct. 852 340 295 635 217 34
 Sept. 813 320 240 560 253 45
 91-92 724 380 217 597 128 21
 90-91 717 201 239 440 277 63
 WHITE
 Oct. 327 200 83 283 44 16
 Sept. 325 190 70 260 65 25
 91-92 311 193 65 258 54 21
 90-91 408 216 105 321 87 27
 DURUM
 Oct. 173 40 85 125 48 38
 Sept. 164 35 75 110 54 49
 91-92 185 45 85 130 55 42
 90-91 192 53 76 129 62 48
 WHEAT
 Oct. 2981 1225 1183 2408 573 24
 Sept. 2922 1175 1073 2248 674 30
 91-92 2888 1281 1134 2416 472 20
 90-91 3309 1068 1376 2444 866 35
 CORN
 Oct. 10049 1550 6635 8185 1864 23
 Sept. 9861 1550 6485 8035 1826 23
 91-92 9016 1590 6345 7935 1081 14
 90-91 9281 1727 6034 7761 1521 20
 BEANS
 Oct. 2388 720 1363 2083 305 15
 Sept. 2375 710 1350 2060 315 15
 91-92 2310 685 1355 2040 278 14
 90-91 2167 557 1281 1838 329 18
 -0- 10/8/92
 /CONTACT: Colleen Smith, public relations director of Minneapolis Grain Exchange, 612-338-6212/ CO: Minneapolis Grain Exchange ST: Minnesota IN: SU:


TM -- NY116 -- 8146 10/08/92 19:27 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 8, 1992
Words:673
Previous Article:GEORGIA REGIONAL STOCK REPORT FOR THURSDAY, OCT. 8
Next Article:DATAPOINT CORPORATION ANNOUNCES ANNUAL SHAREHOLDER MEETING
Topics:


Related Articles
JUNE 10 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE
MARCH 10 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE
SIX MONTH STREAK CONTINUES; WHEAT VOLUME UP AGAIN AT MINNEAPOLIS GRAIN EXCHANGE
FEB. 10, 1994 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE
MARCH 10, 1994 USDA CROP REPORT REACTION PROVIDED BY: MINNEAPOLIS GRAIN EXCHANGE
Farm income projections down from last year.
Drought could lead to higher food prices.
US corn hits record, other grains follow.
Wheat slips on firm dollar; soy, corn steady.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters