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             MARKET DATA, INC. - USDA REPORT REVIEW
Reported on:  June 11, 2007
WHEAT
A. CROP YEAR: U.S. 2005/06 U.S. 2006/07 U.S. 2007/08 World 2005/06 World 2006/07 World 2007/08
Projected Date: This Month This Month This Month This Month This Month This Month
Carryin Stocks 540 571 417 5,556 5,474 4,481
Production 2,105 1,812 2,168 22,864 21,829 22,419
Imports 82 120 100 0 0 0
Total Supply 2,727 2,503 2,685 28,420 27,303 26,900
Feed Use 154 170 230 4,106 4,011 3,856
Crush/Milling 914 925 930 0 0 0
Seed/Other 78 82 81 18,840 18,811 18,927
Exports 1,009 910 1,000 0 0 0
Total Use 2,155 2,087 2,241 22,946 22,822 22,783
Carryout Stocks 571 417 443 5,474 4,481 4,116
  United States
Stocks-to-Use % 26.50% 19.96% 19.77% Cash price of 23.86% 19.63% 18.07%
Days of Supply 97 73 72 $4.80 87 72 66
1990 to 2006     99 $3.29 1990 to 2006   110
1970 to present     142 $3.13 1970 to present   106
SOYBEANS
B. CROP YEAR: U.S. 2005/06 U.S. 2006/07 U.S. 2007/08 World 2005/06 World 2006/07 World 2007/08
Projected Date: This Month This Month This Month This Month This Month This Month
Carryin Stocks 256 449 610 1,780 1,982 2,337
Production 3,063 3,188 2,745 8,104 8,650 8,279
Imports 3 4 4 0 0 0
Total Supply 3,322 3,641 3,359 9,884 10,632 10,616
Feed Use 0 0 0 0 0 0
Crush/Milling 1,739 1,770 1,790 6,808 7,134 7,475
Seed/Other 187 182 169 1,094 1,161 1,157
Exports 947 1,080 1,080 0 0 0
Total Use 2,873 3,032 3,039 7,902 8,295 8,632
Carryout Stocks 449 610 320 1,982 2,337 1,984
  United States
Stocks-to-Use % 15.63% 20.11% 10.52% Cash price of 25.08% 28.17% 22.99%
Days of Supply 57 73 38 $7.15 92 103 84
1990 to 2006     36 $5.75 1990 to 2006   61
1970 to present     45 $5.69 1970 to present   70
CORN
C. CROP YEAR: U.S. 2005/06 U.S. 2006/07 U.S. 2007/08 World 2005/06 World 2006/07 World 2007/08
Projected Date: This Month This Month This Month This Month This Month This Month
Carryin Stocks 2,114 1,967 987 5,144 4,819 3,727
Production 11,114 10,535 12,460 27,398 27,531 30,233
Imports 9 10 15 0 0 0
Total Supply 13,237 12,512 13,462 32,542 32,351 33,961
Feed Use 6,141 5,850 5,700 18,728 18,728 19,059
Crush/Milling 2,951 3,495 4,760 0 0 0
Seed/Other 30 30 30 8,994 9,895 11,287
Exports 2,147 2,150 1,975 0 0 0
Total Use 11,269 11,525 12,465 27,723 28,624 30,347
Carryout Stocks 1,967 987 997 4,819 3,727 3,614
  United States
Stocks-to-Use % 17.46% 8.56% 8.00%  Cash price of 17.38% 13.02% 11.91%
Days of Supply 64 31 29 $3.40 63 48 43
1990 to 2006     57 $2.26 1990 to 2006   94
1970 to present     77 $2.28 1970 to present   92
Days of Supply is figured by taking the ending stocks and dividing them by the total use for that year times 365 days.
                       MARKET DATA, INC. - USDA REPORT REVIEW
 June 11, 2007
D. SUMMARY: US Carryout Stocks to Use Average World Carryout Stocks to Use Days of
  Percentage US Price   Percentage Supply
2007/08 2007/08 2007/08 2007/08 2007/08 2007/08
1. CORN 997 8.00% $3.40 3,727 11.91% 43
2. BEANS 320 10.52% $7.15   1,984 22.99% 84
3. WHEAT 443 19.77% $4.80 4,481 18.07% 66
E. ALL USDA'S 1,760 9.92% 36 10,192 16.50% 60
F. AVERAGE U.S. price of Corn, Wheat & Beans $5.12  
G. COMMENTS ON THE USDA ESTIMATES:
1. 2007/2008 WHEAT: USDA lowered their 2007 U.S. crop yield by .2 to 41.5 bushel per acre, raised harvested acres by 100,000 to 52.1 million
for a 2007 U.S. wheat crop of 2.168 billion bushel or down just 6 million - AFTER - resurveying the key states where freeze occurred - ???
Their 2007 U.S. demand was placed at 930 million for food, 81 million for seed, 1.0 billion of exports (up 25 million), and 230 million for feed.
This when combined with imports of 100 million bushel and beginning stocks of 417 million (up 5 on more imports) left ending stocks
at 443 million (down 26 million). World production figures fell sharply with the FSU nations showing the most drop due to dry weather.
Argentina's production rose 1.2 MMT (?) to 14.0, the U.S. was at 59.0 MMT, China at 100 MMT, India at 73.7, Russia down 3.5 to 45.0,
the Ukraine down 3.5 to 17.5, the EU-27 was steady at 127.32 MMT, and Australia was left at 22.1 MMT.. World demand was lowered by
3.8 MMT to 620.07 and ending world stocks fell 1.33 MMT to 112.03 or a record low ending days of supply. Due to the lower
U.S. and world ending stocks - this was a slightly BULLISH crop report for wheat.
2. 2007/2008 SOYBEANS: USDA left acres at their March 30th report figure of 67.1 million, harvested acres of 66.1 million and placed the
yield at 41.5 million for a 2007 U.S. soybean crop of 2.745 billion bushel.  This is down considerably from 2006's 3.188 billion but may be
the lowest production you will see this year. U.S. demand was left at 1.790 billion for crush, 1.080 billion of exports and 169 million of other.
This caused the ending stocks to fall to 320 million bushel and down to a friendly days of supply level. The world projections for 2007/2008
were very friendly as they placed production at 225.32 MMT (down 10 MMT from last year), world use at 234.28 MMT (up nearly 10 MMT
from last year), and ending world stocks fell to 54 MMT (down 9.6 MMT). The lower stocks made this a FRIENDLY soybeans report.
3. 2007/2008 CORN: USDA left acres at their March 30th report figure of 90.5 million, harvested acres of 82.9 million and placed the yield at
just 150.3 which caused a 2007 U.S. corn crop of 12.460 billion bushel. Their demand figures showed feed use down 150 million to 5.700
billion, ethanol use up a large 1.25 billion to 3.400 billion and seed and industrial use at 1.390 billion. With 15 million of imports this left
the ending carryout rose 50 (less 06/07 exports) to  997 million bushel.  The world situation is projected to see 767.96 MMT of production
(up 2.46 MMT due mostly to higher FSU production), world demand is placed at 770.84 MMT (up 1.4 MMT) and ending world stocks
are shown at 91.8 MMT (up 1.55 from a month ago but down 2.7 from 06/07). The world production estimates are the U.S. at 316 MMT,
China at 146 MMT, Brazil at 50, Argentina at 24, Mexico at 23.8, the EU-27 at 55.72 MMT, and the FSU-12 at 15.2 MMT.. The projected
  world production and use figures are new records. Due to the low ending days of supply this is a FRIENDLY corn report.
 
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