PF Analysts: USDA Cuts Cotton Carryover to Record-Low Level

From Pro Farmer

Note: Pro Farmer Members can see Pro Farmer’s full report reaction on the Pro Farmer page under “Top Stories.” To become a member, call 1-800-772-0023 for more information.

Following is a condensed version of the Pro Farmer report reaction:

** 2010-11 U.S. CARRYOVER **

• CORN: 675 million bu.; unch from Mar. proj. of 675 million bu.
  -- compares to 1.708 billion bu. in 2009-10
• BEANS: 140 million bu.; unch from Mar. proj. of 140 million bu.
  -- compares to 151 million bu. in 2009-10
• WHEAT: 839 million bu.; down from Mar. proj. of 843 million bu.
  -- compares to 976 million bu. in 2009-10
• COTTON: 1.6 million bales; down from Mar. proj. of 1.9 mil. bales
  -- compares to 2.95 million bales in 2009-10

** GLOBAL CARRYOVER **

• CORN: 122.43 MMT; down from 123.14 MMT in March
  -- 145.80 MMT in 2009-10
• BEANS: 60.94 MMT; up from 58.33 MMT in March
  -- 58.88 MMT in 2009-10
• WHEAT: 182.83 MMT; up from 181.90 MMT in March
  -- 197.91 MMT in 2009-10
• COTTON: 41.55 mil. bales; down from 42.33 mil. bales in March
  -- 43.99 mil. bales in 2009-10

** GLOBAL PRODUCTION HIGHLIGHTS **

• ARGENTINA BEANS: 49.5 MMT; compares to 49.5 MMT in March
  -- 54.5 MMT in 2009-10
• BRAZIL BEANS: 72.0 MMT; compares to 70.0 MMT in March
  -- 69.0 MMT in 2009-10
• ARGENTINA WHEAT: 15.0 MMT; compares to 15.0 MMT in March
  -- 11.0 MMT in 2009-10
• AUSTRALIA WHEAT: 26.0 MMT; compares to 26.0 MMT in March
  -- 21.92 MMT in 2009-10
• CHINA WHEAT: 114.5 MMT; compares to 114.5 MMT in March
  -- 115.12 MMT in 2009-10
• CANADA WHEAT: 23.17 MMT; compares to 23.17 MMT in March
  -- 26.85 MMT in 2009-10
• EU-27 WHEAT: 136.08 MMT; compares to 136.08 MMT in March
  -- 138.05 MMT in 2009-10
• RUSSIA WHEAT: 41.51 MMT; compares to 41.50 MMT in March
  -- 61.77 MMT in 2009-10
• FSU-12 WHEAT: 80.97 MMT; compares to 80.97 MMT in March
  -- 113.93 MMT in 2009-10
• CHINA CORN: 168.0 MMT; compares to 168.0 MMT in March
  -- 158.0 MMT in 2009-10
• ARGENTINA CORN: 22.0 MMT; compares to 22.0 MMT in March
  -- 22.8 MMT in 2009-10
  
• SOUTH AFRICA CORN: 12.0 MMT; compares to 12.5 MMT in March
  -- 13.42 MMT in 2009-10
• BRAZIL CORN: 55.0 MMT; compares to 53.0 MMT in March
  -- 56.1 MMT in 2009-10
• CHINA COTTON: 29.5 mil. bales; compares to 29.5 mil. bales in March
  -- 32.0 mil. bales in 2009-10

Copyright 2011 Professional Farmers of America.