USDA's World Agriculture Supply and Demand Estimates (WASDE) are out.
Corn is interesting:
U.S. feed grain ending stocks for 2009/10 are projected lower this month
with higher expected corn use and sorghum exports. Corn used for ethanol is projected 100 million bushels higher reflecting the latest ethanol production data from the Energy Information Agency. November’s record ethanol production was up 3 percent from the previous record in October as higher prices for ethanol and distillers grains boosted ethanol producer returns.
November-December corn use for ethanol was up 16 percent from the same period in 2008/09. Although returns have declined since November, recently lower corn prices continue to support profitability for ethanol producers. A 5-million-bushel reduction in expected corn use for sweeteners partly offsets the increase for ethanol. Corn exports for 2009/10 are projected 50 million bushels lower on increased competition from Argentina. Ending stocks are
projected 45 million bushels lower. The projected marketing-year average farm price for corn is narrowed 5 cents on both ends of the range to $3.45 to $3.95 per bushel.
The projections for milk are not encouraging. However, I suspect there will be some surprises in 2010. So, it is too early to, as they say, place bets.