Allendale, Inc. | eSNAPSHOT

Allendale Releases Production and End Stocks Estimates Corn (new crop) - In 2008, USDA reduced corn yields by 1 bushel in May and another 5 bushels in June due to delayed plantings from their February conference trend yield. This year in May USDA reduced yields by 1.5 bushels. We expect USDA to drop yields by
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Corn Stock to Use
What may be most surprising are the projected end stocks to use for 2009 - 10 corn working toward a record low level dating back to 1999. By reducing the yield per acre 2 bushels, Allendale Inc projects corn end stocks at 1.015 billion bushels and estimates end stocks to use at 8%, vs the previous level low of 9% in 2003. If this low level of end stocks to use continues its pattern, it likely represents supportive prices for new crop 2009 corn for the producer, but could constrict profit margins for the end users of corn within the feed, fuel and food sectors.

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Cancellations Highlight Soybean Export Sales This week's export sales report showed cancellations of 4.14 million from China along with another 1.59 million from unknown destinations of old crop soybeans. New crop soybean export sales were only 2.2 million bushels with old crop a negative 0.9 million bushels. The trade was looking for combined exports sales of...
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