Roach Ag Marketing

USDA Supply/Demand Report

Aug. 12, 2008

USDA Aug. 2007-08 Ending Stocks Estimates in billions of bushels

	USDA Aug. Estimate	Average Guess	Range	USDA July Estimate	2006 -07 USDA
Corn	1.576	1.598	1.483 – 1.648	1.598	1.304
Soybeans	.135	.131	.120 - .140	.125	.574

USDA Aug. 2008-09 Ending Stocks Estimates in billions of bushels

	USDA Aug. Estimate	Average Guess	Range	USDA July Est.
Corn	1.133	1.004	.704 – 1.235	.833
Soybeans	.135	.141	.109 - .205	.140
Wheat	.574

August 2008 Production
	Today	Average Trade Estimate		Range of Estimates	July Estimate	Last Year Final
Corn	12.288	11.986		11.100-12.430	11.715	13.074
Yield	155	152.61		149.5 – 155.42	148.4	151.1
Soybeans	2.973	3.001		2.900 – 3.100	3.000	2.585
Yield	40.05		41.72	40.7 – 43.85	41.6	41.2

USDA 2007/08 Wheat Production

	Today Actual	Average Guess	Range	USDA July	Last Year
All wheat	2.462	2.459	2.422-2.537	2.461	2.067
All winter wheat	1.875	1.873	1.846-1.930	1.864	1.516
Spring wheat	.501	0.510	0.485-0.570	0.507	0.479
Durum	.0866	0.084	0.070-0.090	0.090	0.0

Aug. World Agricultural Production Estimates in millions of tons

	August 2008/09 Estimate	July 2008/09 Estimate	August 2007/08 Estimate	July 2007/08 Estimate
Argentina Wheat	13.5	14.5	16.0	16.0
Australia Wheat	25.0	25.0	13.04	13.04
China Wheat	114.0	114.0	109.86	109.86
EU-25 Wheat	143.17	141.7	119.25	119.48
Canada Wheat	25.0	24.5	20.05	20.05
China Corn	153.0	153.0	151.83	151.83
Argentina Corn	22.0	23.5	21.0	21.0
South Africa Corn	11.5	11.5	12.0	11.5
Brazil Corn	57.0	57.0	57.5	57.5
Brazil Soybeans	62.5	64.0	61.0	61.0
Argentina Soybeans	49.5	48.0	46.5	47.0

Aug. Global Ending Stocks in millions of metric tons

	August 2008/09 Estimate	July 2008/09 Estimate	August 2007/08 Estimate	July 2007/08 Estimate
Wheat
Ending Stocks	136.2	133.1	115.21	116.05
Production	670.75	664.24	610.54	610.77