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JUNE 10 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE

JUNE 10 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE
 MINNEAPOLIS, June 10 /PRNewswire/ -- The following was released today by the Minneapolis Grain Exchange:
 Following the close of the futures market trading this afternoon, the United States Department of Agriculture released it supply/demand report for major grains and 1992 U.S. winter wheat production. The USDA reported U.S. ending stocks of soybeans totalled 240 million bushels, corn 1.671 billion bushels and wheat 427 million bushels for 92/93.
 Total 1992 U.S. winter wheat production was reported at 1.537 billion bushels which was below the average of analysts' estimates. The breakdown was reported at 943 million bushels of hard red winter, 366.9 million bushels of soft red winter winter wheat and 227.1 million bushels of white winter wheat. All classes of winter wheat production came in lower than in May.
 Minneapolis Grain Exchange futures traders reactions:
 Helen Pound, Goldenberg, Hehmeyer & Co., 612-332-6473: "The June USDA supply/demand report showed very few changes for the 1991-92 crops and productions as well as usage reductions in the 1992-93 winter wheat crop. Overall carryover for the 1992-93 wheat crop declined to 427 million bushels from 449 million bushels in last month's report. 1992-93 carryover versus usage at 19 percent is slightly more burdensome than this year's 17 percent c/u balance. I think these numbers were widely anticipated.
 Over the last two weeks, traders have been buying wheat and selling corn in anticipation of this report. They will probably be trying to take profits on these spread positions -- by selling wheat and buying corn in Thursday's market."
 Wes Oja, Country Hedging, 612-641-6550: "The monthly supply/demand reports appear neutral to corn and beans. The corn numbers were unchanged and bean carryout was increased by five million bushels. Expect weather to continue to be the feature.
 The wheat supply/demand looks neutral to a little friendly. The key may end up being demand rather than supply. The market is concentrating on the tight supplies without really looking at the relatively slow U.S. export pace. Worldwide wheat supplies are adequate. Expect to see the market focus on weather by tomorrow's open."
 -0- 6/10/92
 /CONTACT: Colleen Smith of the Minneapolis Grain Exchange, 612-338-6212/ CO: Minneapolis Grain Exchange ST: Minnesota IN: SU:


AH-LR -- NY077 -- 9045 06/10/92 19:44 EDT
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Date:Jun 10, 1992
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