The Numbers

The USDA said that 46.61 million acres of winter wheat are expected to be planted in 2008, up 3.6% from a year ago, but much less than expected. July wheat is up its 30-cent maximum daily limit.

The USDA's 2007-2008 U.S. ending stocks estimate for: Corn was reduced from 1.797 to 1.438 billion bushels, much less than expected. Soybeans was reduced from 185 to 175 million bushels, a little more than expected. Wheat was increased from 280 to 292 million bushels, more than expected. Sugar was reduced from 2.050 to 2.006 million tons.Cotton was increased from 7.70 to 7.90 million bales.

The USDA's 2007-2008 world ending stocks estimate for: Corn was reduced from 109 to 101 million tons. Soybeans was reduced from 47.3 to 46.2 million tons. Wheat was increased from 110 to 111 million tons. Cotton was reduced from 55.3 to 54.75 million tons.

The USDA's estimate of Argentina's soybean crop was unchanged at 47 million tons, but the estimate of Brazil's soybean crop was reduced from 62 to 60.5 million tons. March soybeans are trading higher.

The USDA said today that 296,000 tons of U.S. corn were sold to South Korea and 120,000 tons were sold to unknown destinations. March corn is trading higher.