1996/97		1997/98		1997/98
 			Oct 10 		Sep 12 		Oct 10 

"Corn"
(in million bushels)

Carry In		  426		  941		   884
Production		9,293		9,268		 9,312
Imports			   13		   10		    10
Total Supply		9,732	       10,219 		10,206
 Feed			5,368		5,550		 5,625
 Crush/Mill		1,660		1,750		 1,745
 Seed/Other		   30		   30		    30
Exports			1,790		2,025		 2,025
Total Use		8,848		9,355		 9,425
End Carryout		  884		  864		   781
Average Price		$2.70		$2.65		$2.75

"Soybeans"

(in million bushels)

Carry In 		  183		  115		  132
Production		2,383		2,746		2,722
Imports			   10 		    5		    5
Total Supply		2,576		2,866		2,859
 Feed
 Crush/Mill		1,436		1,495		1,495
 Seed/Other		  126		  135		  134
Exports			  882		  950		  960
Total Use		2,444		2,580		2,589
End Carryout		  132		  286		  270
Average Price		$7.38		$6.15		$6.30

"Wheat"

(in million bushels)

Carry In 		  376		  444		  444
Production		2,282		2,507		2,527
Imports			   92		   95		   94
Total Supply		2,750		3,046		3,065
 Feed			  310		  275		  325
 Crush/Mill		  892		  900		  900
 Seed/Other		  103		  100		  100
Exports			1,001		1,100		1,075
Total Use		2,306		2,375		2,400
End Carryout		  444		  671		  665
Average Price		$4.30		$3.45		$3.40

USDA boosted U.S. corn demand while trimming supply, due to lower September 1 stocks. This is a very tight corn carryout, but one that does support growing demand. The soybean carryout dropped 16 million bushels, but many would argue that USDA could have boosted U.S. exports more than they did–just 10 million bushels. Wheat's the bearish one with USDA raising feed use by 50 million bushels, but dropping the carryout just 6 million due to higher production and lower exports.

October 10, 1997 DTN Grains

Statistics
UNEMPLOYMENT INSURANCE | DELIVERABLE GRAIN STOCKS | EXPORT INSPECTIONS
REDBOOK RETAIL AVERAGES | PRODUCER PRICE INDEXES SEPTEMBER 1997
CROP PRODUCTION HIGHLIGHTS & SUMMARY | USDA U.S. SUPPLY/DEMAND PROJECTIONS
COTTON GINNINGS | THE LESLIE ADM INVESTOR SERVICES CROP SURVEY
EXPORT SALES REPORT FOR WEEK ENDING 10/2/97
MONTHLY WHOLESALE TRADE SALES AND INVENTORIES AUGUST 1997
Consensus National Futures and Financial On Line Index

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Last updated on 10-11-97

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