Friday's USDA reports had the
government estimating the '07 corn crop at 13.168 billion
bushels, down 150 million bushels from last month and
compared to 13.261 as the average pre-report
"guess-timate." The yield is now estimated at 153
bushels/acre, down 1.7 bushels/acre from last month. The
government left the wheat production number unchanged
from last month's estimate, and it estimated the '07
soybean crop at 2.594 billion bushels, down 4 million
bushels from last month and compared to the average
"guess-timate" on LaSalle Street of 2.60 billion bushels.
The yield is now 41.3 bushels/acre, down 0.1 from the
last month. On balance, the reports were supportive of
the grains, and prices are looking strong.
Kipp
