Grain Stocks In Short Supply

from Arlan Suderman's Twitter posts analyzing this morning's USDA grain report:
USDA's May new-crop US soybean stocks estimate has been too high in 12 of the past 14 years by an average of 141 million bushels.
Argentina produces 34 mmt beans this year; Resurges to 51 mmt next year to provide global stocks a 9mmt increase in 2009-10.
Global corn stocks will tie for 2nd tightest of the past 35 years at just a 58.7-day supply and continuing to drop. in 2009-10.
USDA World wheat prod. @ high 657.6 mmt.; Stocks increase to 181.9 mmt or 103-day supply.
USDA - Old-crop bean stocks squeaky tight at 130 mln bu.; New-crop stocks snug at 230 mln bu. or a 27-day supply; price supportive.
USDA - Old-crop corn stocks DN 100 mln to 1.6 bln bu; New-crop stocks at just 33-day supply at 1.145 bln bu.; price supportive.
$$ breaks to new 4-mo. lows this AM; Set to test lows for 2009; bullish for commodities if USDA data proves supportive.