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APRIL 12 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE

 MINNEAPOLIS, April 12 /PRNewswire/ -- Following the close of the futures trading this afternoon, the United States Department of Agriculture released its 1992-1993 ending stocks and world crop production reports:
 1992-93 ending stocks figures for major grains were estimated at: soybeans 340 million bushels, corn 2.187 billion bushels and wheat 520 million bushels. March 1992-93 carryout stood at: soybeans 340 million bushels, corn 2.237 billion bushels and wheat 541 million bushels.
 The former USSR grain crop was reported at 185 million tons while imports came in at 27.8 million tons for 1992-93. The USDA also reported Australia wheat production is estimated at 15.0 million tons and Argentina wheat is estimated to be 9.2 million tons. Other world crop production reported that Brazil soybeans came in at 21.3 million tons while Argentina soybeans were reported at 11.7 million tons. South Africa corn and Argentina corn production were estimated at 8.5 million tons and 11.5 million tons respectively.
 Supply/demand numbers for wheat took center stage in today's USDA report. There were no changes in the corn and beans projections.
 Although total wheat exports were left unchanged, the USDA made adjustments in the class by class export projections. Spring wheat exports increased 15 million bushels and white wheat exports increased 10 million bushels. Exports were reduced in both the hard and soft red winter wheat export projections.
 Domestic usage was increased by 23 million bushels -- hard red wheat up 16 million bushels and hard red spring up 11 million bushels.
 The major result of these changes is a 23 million bushel reduction in spring wheat carryover. Since last September projected Spring wheat carryover has declined about 90 million bushels. This means that Spring wheat markets stared out the year with the perception of burdensome, low quality stocks, and are ending the year with a supply/demand balance almost as tight as last year.
 -0- 4/12/93
 /CONTACT: Albert Maruggi, marketing and public relations director of Minneapolis Grain Exchange, 612-338-6212/


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

LD-SM -- NY082 -- 4971 04/12/93 18:57 EDT
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Publication:PR Newswire
Date:Apr 12, 1993
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