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MARCH 11 USDA CROP REPORT REACTION

 MARCH 11 USDA CROP REPORT REACTION
 MINNEAPOLIS, March 11 /PRNewswire/ -- The following was issued by


the Minneapolis Grain Exchange:
 Following the close of futures market trading this afternoon, the United States Department of Agriculture released its supply/demand report from major grains. The USDA reported U.S. ending stocks of soybeans totaled 325 million bushels, corn 1.091 billion bushels and wheat 390 million bushels for 1991/92. The USDA also reported the breakdown by wheat class as follows: hard red winter 152 million bushels, hard red spring 100 million bushels, soft red winter 36 million bushels, white wheat 42 million bushels and durum 59 million bushels.
 The March 11 ending stocks remained virtually unchanged from the previous stocks report issued on Feb. 11
 MINNEAPOLIS GRAIN EXCHANGE FUTURES TRADERS REACTION: Wes Oja, Country Hedging, Inc. 612-641-6550:
 "The USDA supply and demand report was unchanged from February. It should have little impact on Thursday's opening.
 "At this point in time, the market is more concerned with the March planting intentions. The higher price of new crop corn and spring wheat should lead to nice increases in seeded acres." Helen Pound, Goldenberg Hehmeyer & Co. 612-332-6473:
 "As expected, the USDA made no changes in their March USDA supply/demand report for wheat issued this afternoon. Usually, by this time of the year we see very few changes in supply or domestic usage, and most changes occur in the amount of projected exports. So far this year we have sold almost 90 percent of our projected wheat exports, so the market is concerned with fulfilling existing sales rather than struggling to make new sales. We have about 75 million bushels of hard red spring wheat and 30 million bushels of white wheat to ship against current sales. With prices considerably lower than a month ago, exporters are struggling to buy wheat to execute these sales. As a result, basis levels have been improving.
 "Wheat carryover is pegged at 390 million bushels, the lowest carryover in over a decade. This means that any new shocks to the market have a dramatic impact on wheat prices. Either weather problems or changes in exports can panic prices higher, but if anticipated problems fail to materialize prices plummet. This should keep price action quite volatile over the next several months." David Baxter, Linnco Futures Group, Inc. 612-333-6231:
 "With the wheat complex in the 'teeth' of a weather market it is difficult to imagine that a single USDA report would affect the current price action. This is the case with tonight's report. The USDA did not change their supply/demand numbers from the February report. With 85-90 percent of this year's exports complete, the market has already factored in the tight ending wheat supplies. As is always the case towards the end of the season, demand as well as supply can become exaggerated."
 -0- 3/11/92
 /CONTACT: Colleen Smith of the Minneapolis Grain Exchange, 612-338-6212/ CO: Minneapolis Grain Exchange ST: Minnesota IN: SU:


AL -- MN015 -- 7561 03/11/92 18:05 EST
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Date:Mar 11, 1992
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