Corn - Poor exports are expected to be overcome by stronger ethanol and feed usage. Argentine and Brazilian production is left unchanged at 22.0 and 55.0 mt, respectively.

New Crop - Allendale looks for corn yield at 160.5 bu/acre. That is down from USDA's February conference estimate of 161.7 due to late plantings.

Soybeans - Problems with domestic crush and exports have been recognized. Both Argentine and Brazilian soybean production is raised by 0.5 million tonne to 50.0 and 72.5 mt, respectively.

New Crop - Soybean yield is seen unchanged from USDA's February outlook conference at 43.4 bu/acre.

Wheat - Export sales have been better than USDA hopes.

New Crop - Nationwide yield is lowered from USDA February conference of 43.8 down to 42.0 bu/acre.

      Supply & Demand, to be RELEASED 7:30 AM CST ON 05/11/11

PRODUCTION           10/11           11/12      Trade    Average    Actual    

In million bushels    USDA         Allendale   Range   Estimate   05/11/11

All Wheat             2208            2047

  Other Spring         616             579

  Durum                107              84

  Winter              1485            1384       

    HRW               1018             758   

    SRW                238             402

    WW                 229             224  

US ENDING STOCKS            USDA       ALDL     USDA      ALDL      Actual

in million bushels         10/11      10/11    11/12     11/12    05/11/11

US Corn                      675        643                783        

US Beans                     140        180                181

US Wheat                     839        834                586

WORLD ENDING STOCKS         USDA       ALDL     USDA      ALDL      Actual

in million metric tonnes   10/11      10/11    11/12     11/12    05/11/11

World Corn                122.43     122.38             126.20  

World Soybeans             60.94      60.97              60.03

World Wheat               182.83     182.77             176.04 

Source: Allendale, Inc.