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MAY 11 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE

MAY 11 USDA CROP REPORT REACTION PROVIDED BY MINNEAPOLIS GRAIN EXCHANGE
 MINNEAPOLIS, May 11 /PRNewswire/ -- The following was released today by the Minneapolis Grain Exchange:
 Following the close of futures market trading this afternoon, the U.S. Department of Agriculture released its supply/demand report for major grains. The USDA reported U.S. ending stocks of soybeans totalled 235 million bushels, corn 1.671 billion bushels and wheat 449 million bushels for 92/93.
 The USDA also reported that the 1992 U.S. winter wheat crop totalled 1.618 billion bushels, which was fractionally higher than traders estimates. A breakdown of the winter wheat figure indicated 995.3 million bushels of hard red winter wheat, 378.2 million bushels of soft red winter wheat and 244.5 million bushels of white wheat.
 Minneapolis Grain Exchange futures traders reaction:
 David Baxter, Linnco Futures, 612-333-6231: "Today the USDA released the winter wheat supply/demand report for the period ending May 1, 1992. In most cases, trade estimates were in line with government projections. The 1991-92 ending stock estimate was increased by 55 million bushels which is more of a confirmation that demand has slowed and projected surplus will not be met. This may put some pressure on the nearby contracts relative to the deferred contracts. In general, the weather remains the key to the market. If current conditions deteriorate the market will respond positively. If not, I would expect the market to focus on the lack of demand."
 Helen Pound, Goldenberg, Heymeyer & Co., 612-332-6473: "The USDA increased wheat carryover much more than expected in their May S/D Report. Carryover was increased to 421 million bushels from 366 million bushels. Decreases in export projections accounted for most of the change. Hard Red Wheat exports were decreased 30 million bushels, while both Soft Red Wheat and Hard Red Spring Wheat exports were decreased 10 million bushels each. Wheat carryover was increased to 17 percent of usage, still a fairly tight supply. The main impact of these changes could be to reduce the premiums being paid for old crop wheat."
 Katarina Zimmer, Merrill Lynch, 212-449-1842: "At 1.618 billion bushels, the first U.S. winter wheat production estimate of the season came in slightly higher than the average pre-release estimate of 1.607. This would be considered a neutral to slightly bearish figure were it not for the weekly crop condition report. Wheat conditions, particularly in the hard wheat areas, have deteriorated considerably in the past week due to lack of precipitation. This suggests that the U.S. winter wheat crop is likely to be lower than the number released today. This, in turn, means lower overall production and presumably lower ending stocks. Given today's numbers and the current weather situation we think it highly likely that we will have a zero ARP announcement by the end of this month."
 -0- 5/11/92
 /CONTACT: Colleen Smith of the Minneapolis Grain Exchange, 612-338-6212/ CO: Minneapolis Grain Exchange ST: Minnesota IN: SU:


CK -- NY107 -- 8865 05/11/92 18:50 EDT
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Date:May 11, 1992
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