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<blockquote data-quote="HerefordSire" data-source="post: 617614" data-attributes="member: 4437"><p><em>1-12-2009....good....limit down today. I posted this so it can be refered to in the future if need be.</em></p><p></p><p>Jan. 12 (Bloomberg) -- Wheat, corn and soybeans plunged the most allowed by the Chicago Board of Trade after the U.S. Department of Agriculture projected bigger supplies than forecast in December. </p><p></p><p>World wheat inventories may rise to 148.4 million metric tons by the end of the marketing year on May 31, up 0.7 percent from a December estimate, the USDA said today in a report. Global corn supplies will jump to 136 million tons, up 9.9 percent from a December forecast, the USDA said. U.S. soybean stockpiles before the next harvest may increase 9.7 percent to 6.12 million tons. </p><p></p><p>"We've got more inventory to work our way through, and we didn't need that," said Larry Glenn, an analyst at Prime Ag in Quinter, Kansas. </p><p></p><p>Wheat futures for March delivery fell 59.75 cents, or 9.5 percent, to $5.6975 a bushel in Chicago, after earlier reaching the maximum of 60 cents to $5.695 a bushel. The price has plunged 58 percent from a record $13.495 on Feb. 27. </p><p></p><p>Corn futures for March delivery dropped the 30-cent CBOT limit, or 7.3 percent, to $3.8075 a bushel. The most-active contract is down 52 percent from a record $7.9925 on June 27. </p><p></p><p>Soybean futures for March delivery declined the 70-cent limit, or 6.8 percent, to $9.66 a bushel. The price is down 41 percent from a record $16.3675 on July 3. </p><p></p><p>Lower Feed Costs </p><p></p><p>Rising corn and soybean inventories may decrease feed costs for meat producers including Tyson Foods Inc. and Smithfield Foods Inc. and lower global demand for fertilizer from Mosaic Co. and seeds from Monsanto Co. Increased wheat supplies may cut costs for Kellogg Co. and General Mill Inc., the biggest U.S. cereal makers. </p><p></p><p>The U.S. wheat surplus as of May 31 will be 655 million bushels, the government said. The estimate is 5.1 percent higher than last month's forecast of 623 million and more than double the 306 million bushels on hand a year earlier. </p><p></p><p>U.S. soybean stockpiles will reach 225 million bushels in the marketing year that ends on Aug. 31, up from 205 million projected a month earlier, the USDA said. </p><p></p><p>U.S. corn inventories on Aug. 31 will total 1.79 billion bushels, up 21 percent from 1.474 billion forecast in December and 1.624 billion a year earlier, the USDA said. The department also raised its estimate for the 2008 U.S. corn crop, the world's largest, by 0.7 percent and cut its estimates of U.S. exports, and production of ethanol and animal feed. </p><p></p><p>The USDA said last year's corn harvest totaled 12.101 billion bushels, up from 12.02 billion estimated in December on better yields and increased harvested acreage. The crop would be the second-biggest ever, down 7.4 percent from a record 13.074 billion in 2007, when farmers planted the most acres since 1944. </p><p></p><p>'Burdensome' Supply </p><p></p><p>About 3.6 billion bushels will be used to make ethanol in the marketing year, down from 3.7 billion forecast in December, the USDA said. A year earlier, a record 3.026 billion bushels were used for the biofuel. </p><p></p><p>"Corn supplies are going to be burdensome," said Peter Meyer, director of agricultural sales and structuring for Barclays Capital in New York. </p><p></p><p>"Reports were generally more bearish than expected; larger domestic production, combined with slacker demand, leaves forecasts for 2009 ending stocks for corn and soybeans on very comfortable footing," Lewis Hagedorn, a commodity strategist at JPMorgan Chase & Co. in Chicago, said in a report. "Domestic wheat inventories, already in surplus, grew still larger." </p><p></p><p>The estimate of last year's soybean crop was also raised to 2.959 billion bushels. That's up 1.3 percent from 2.921 billion projected in December and up from 2.677 billion bushels harvested a year earlier. </p><p></p><p>Reduced Consumption </p><p></p><p>Global soybean use is expected to total 231.1 million tons, down from 232.6 million forecast last month, the USDA said. U.S. consumers may use 50.3 million tons, down from 51.1 million estimated in December, the government said. That will cause inventories to rise, analysts said. </p><p></p><p>"The trend in usage is declining," said Chad Henderson, a market analyst for Prime Agricultural Consultants Inc. in Brookfield, Wisconsin. "Supplies are rising because of the global economic slowdown." </p><p></p><p>Corn and soybeans also fell after the USDA said U.S. farmers reduced the number of acres they planted with winter wheat by 9 percent, more than expected. Seedings were reduced after heavy rains in October and November left some fields too muddy for farm machinery, the government said. </p><p></p><p>Reduced Wheat Acreage </p><p></p><p>"Reduced winter-wheat plantings mean farmers have more acres they can plant to corn and soybeans," said Dale Schultz, a commodity specialist for Gottsch Enterprises, a cattle and hog feeder in Hastings, Nebraska. "There is absolutely no incentive to buy grain ahead." </p><p></p><p>Winter wheat, the most common variety grown in the U.S., was planted on 42.098 million acres from September to December, down from 46.281 million acres in 2007, a 10-year high, USDA said. Eleven analysts in a Bloomberg News survey expected seedings of 44.056 million acres, on average. </p><p></p><p>In a separate report on quarterly grain supplies, the government said U.S. wheat inventories on Dec. 1 totaled 1.422 billion bushels, up 26 percent from 1.132 billion a year earlier. About 2.276 billion bushels of soybeans were on hand, down 3.6 percent from 2.36 billion a year earlier. </p><p></p><p>Corn is the biggest U.S. crop, valued at a record $52.1 billion in 2007, with soybeans in second place at $26.8 billion, government figures show. Wheat was fourth-largest, behind hay, valued at $13.7 billion, according to the USDA. </p><p></p><p><a href="http://www.bloomberg.com/apps/news?pid=email_en&refer=commodities&sid=acIfsJiQDLBk" target="_blank">http://www.bloomberg.com/apps/news?pid= ... IfsJiQDLBk</a></p></blockquote><p></p>
[QUOTE="HerefordSire, post: 617614, member: 4437"] [i]1-12-2009....good....limit down today. I posted this so it can be refered to in the future if need be.[/i] Jan. 12 (Bloomberg) -- Wheat, corn and soybeans plunged the most allowed by the Chicago Board of Trade after the U.S. Department of Agriculture projected bigger supplies than forecast in December. World wheat inventories may rise to 148.4 million metric tons by the end of the marketing year on May 31, up 0.7 percent from a December estimate, the USDA said today in a report. Global corn supplies will jump to 136 million tons, up 9.9 percent from a December forecast, the USDA said. U.S. soybean stockpiles before the next harvest may increase 9.7 percent to 6.12 million tons. “We’ve got more inventory to work our way through, and we didn’t need that,” said Larry Glenn, an analyst at Prime Ag in Quinter, Kansas. Wheat futures for March delivery fell 59.75 cents, or 9.5 percent, to $5.6975 a bushel in Chicago, after earlier reaching the maximum of 60 cents to $5.695 a bushel. The price has plunged 58 percent from a record $13.495 on Feb. 27. Corn futures for March delivery dropped the 30-cent CBOT limit, or 7.3 percent, to $3.8075 a bushel. The most-active contract is down 52 percent from a record $7.9925 on June 27. Soybean futures for March delivery declined the 70-cent limit, or 6.8 percent, to $9.66 a bushel. The price is down 41 percent from a record $16.3675 on July 3. Lower Feed Costs Rising corn and soybean inventories may decrease feed costs for meat producers including Tyson Foods Inc. and Smithfield Foods Inc. and lower global demand for fertilizer from Mosaic Co. and seeds from Monsanto Co. Increased wheat supplies may cut costs for Kellogg Co. and General Mill Inc., the biggest U.S. cereal makers. The U.S. wheat surplus as of May 31 will be 655 million bushels, the government said. The estimate is 5.1 percent higher than last month’s forecast of 623 million and more than double the 306 million bushels on hand a year earlier. U.S. soybean stockpiles will reach 225 million bushels in the marketing year that ends on Aug. 31, up from 205 million projected a month earlier, the USDA said. U.S. corn inventories on Aug. 31 will total 1.79 billion bushels, up 21 percent from 1.474 billion forecast in December and 1.624 billion a year earlier, the USDA said. The department also raised its estimate for the 2008 U.S. corn crop, the world’s largest, by 0.7 percent and cut its estimates of U.S. exports, and production of ethanol and animal feed. The USDA said last year’s corn harvest totaled 12.101 billion bushels, up from 12.02 billion estimated in December on better yields and increased harvested acreage. The crop would be the second-biggest ever, down 7.4 percent from a record 13.074 billion in 2007, when farmers planted the most acres since 1944. ‘Burdensome’ Supply About 3.6 billion bushels will be used to make ethanol in the marketing year, down from 3.7 billion forecast in December, the USDA said. A year earlier, a record 3.026 billion bushels were used for the biofuel. “Corn supplies are going to be burdensome,” said Peter Meyer, director of agricultural sales and structuring for Barclays Capital in New York. “Reports were generally more bearish than expected; larger domestic production, combined with slacker demand, leaves forecasts for 2009 ending stocks for corn and soybeans on very comfortable footing,” Lewis Hagedorn, a commodity strategist at JPMorgan Chase & Co. in Chicago, said in a report. “Domestic wheat inventories, already in surplus, grew still larger.” The estimate of last year’s soybean crop was also raised to 2.959 billion bushels. That’s up 1.3 percent from 2.921 billion projected in December and up from 2.677 billion bushels harvested a year earlier. Reduced Consumption Global soybean use is expected to total 231.1 million tons, down from 232.6 million forecast last month, the USDA said. U.S. consumers may use 50.3 million tons, down from 51.1 million estimated in December, the government said. That will cause inventories to rise, analysts said. “The trend in usage is declining,” said Chad Henderson, a market analyst for Prime Agricultural Consultants Inc. in Brookfield, Wisconsin. “Supplies are rising because of the global economic slowdown.” Corn and soybeans also fell after the USDA said U.S. farmers reduced the number of acres they planted with winter wheat by 9 percent, more than expected. Seedings were reduced after heavy rains in October and November left some fields too muddy for farm machinery, the government said. Reduced Wheat Acreage “Reduced winter-wheat plantings mean farmers have more acres they can plant to corn and soybeans,” said Dale Schultz, a commodity specialist for Gottsch Enterprises, a cattle and hog feeder in Hastings, Nebraska. “There is absolutely no incentive to buy grain ahead.” Winter wheat, the most common variety grown in the U.S., was planted on 42.098 million acres from September to December, down from 46.281 million acres in 2007, a 10-year high, USDA said. Eleven analysts in a Bloomberg News survey expected seedings of 44.056 million acres, on average. In a separate report on quarterly grain supplies, the government said U.S. wheat inventories on Dec. 1 totaled 1.422 billion bushels, up 26 percent from 1.132 billion a year earlier. About 2.276 billion bushels of soybeans were on hand, down 3.6 percent from 2.36 billion a year earlier. Corn is the biggest U.S. crop, valued at a record $52.1 billion in 2007, with soybeans in second place at $26.8 billion, government figures show. Wheat was fourth-largest, behind hay, valued at $13.7 billion, according to the USDA. [url=http://www.bloomberg.com/apps/news?pid=email_en&refer=commodities&sid=acIfsJiQDLBk]http://www.bloomberg.com/apps/news?pid= ... IfsJiQDLBk[/url] [/QUOTE]
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