WASHINGTON (DTN) — USDA projected a dip in domestic corn ending stocks, with much of it attributable to a 50-million-bushel
increase in exports. U.S. corn ending stocks came in at 801 million bushels, which is higher than the average pre-report estimate
but still within trade expectations.

USDA also cut Argentina’s corn production from its January estimate by 4 million metric tons (mmt), dropping overall production
to 22 mmt. Brazil’s corn production was unchanged.

Thursday’s USDA reports could be considered neutral to bullish for corn and neutral to bearish for wheat and beans, said DTN
Analyst John Sanow.

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U.S. ENDING STOCKS
USDA left soybean ending stocks unchanged from its January estimate at 275 million bushels.

Domestic wheat stocks came in toward the low end of pre-report estimates, with an estimated 845 million bushels on hand.

“Domestic ending stocks numbers for corn, beans and wheat all came within expectations falling mostly in the neutral category,”
Sanow said. “Corn fell 45 mb (50 mb increase in exports, 5 mb increase in imports) from January to 801 mb. In the near-term,
this could be considered neutral-to-bullish. From a long-term outlook though, the situation grew more bullish as stocks to use
shrank to 6.3% drawing closer to the tightest level in history at 5% in 1995-1996.

“Ending stocks for soybeans were left unchanged at 275 mb against expectations for a slight decrease, meaning stocks to use is
left unchanged at 9.1%. The wheat number could be considered neutral to bullish as the reported 845 mb came in on the low
side of expectations at 845 mb tied to a 25 mb increase in exports.”

WORLD ENDING STOCKS
Global ending stocks of corn were whittled down to 125.35 mmt from January’s estimate of 128.14 mmt.
Soybean supplies were shaved down to 60.28 mmt from last month’s estimate of 63.43.
Wheat ending stocks grew to 213.1 mmt globally, an increase of about 3 mmt.

The global numbers were neutral to bullish for beans and corn, and bearish for wheat, Sanow said.

“As expected, global ending stocks fell for both corn and beans on a drop in production for Brazil and Argentina,” Sanow said.
“Ending stocks to use fell to 14.4% for corn, representing the tightest level since the 1973-1974 marketing year. The number fell
to 23.4% for beans, which is nearing the 2007-2008 marketing year when 22.3% was seen. These numbers could also still be
overstated as local estimates continue to come in below the revised numbers.

“If there was a bearish surprise in the report, it was in wheat. Ending stocks rose on increased production in India, Kazakhstan
and Morocco while Europe, Ukraine and Russia were all left unchanged. Traders were expecting a slight decrease, while the
market was calling for a large reduction due to the significant weakening of the carry in the Chicago futures spreads recently.”

WORLD PRODUCTION
Print
USDA Reports Summary – DTN/The Progressive Farmer Page 1 of 2
http://www.dtnprogressivefarmer.com/dtnag/view/ag/printablePage.do?ID=NEWS_PRINT… 2/9/2012
USDA held Brazilian corn production level at 61 mmt. The country’s soybean production was cut by 2 mmt to 72 mmt.
Argentina’s corn crop estimate was lowered by 4 mmt. Its soybean crop is also expected to be smaller at 48 mmt, a 2.5 mmt
decrease.

Wheat production in the former Soviet Union and the European Union were left relatively unchanged. EU production was held
steady at 137.5 mmt while production in former Soviet Union countries was actually increased by .2 mmt.

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