Beyond the numbers, the reports also marked a point in the summer growing season where most traders have shifted full emphasis to new crop fundamentals.
On the soybean front, production is projected at 2.94 billion bushels, down 25 million from last month's forecast. The U.S. season-average bean price is estimated at $5.70 to $6.70 per bushel. Soybean meal and oil prices also are unchanged. Meanwhile, ending stocks for 2004-05 are projected to fall 10 million bushels from last month to 105 million bushels, the lowest since the late 70s. Indeed, the July contract dropped 91 1/2 cents in its final three days on the board. Experts also worry the outlook for new crop beans may be bleak with the drop in July prices.
In the wheat pit, 2004-05 ending stocks were unchanged from last month. Total domestic wheat production is estimated at 2 billion bushels, down slightly from last month and down 277 million bushels from last year. Wheat traders saw the report as neutral.