Upward revisions to acreage raise our stocks/use forecasts   
USDA’s 6/30 Acreage report indicated larger 2009 planted acres for corn   
(87.0mm), wheat (59.8mm) and soybeans (77.5mm) re   
Prospective Plantings report and market expectations. Overall, USDA now   
expects US grains’ area to decline a smaller 2.8mm acres yoy (-90 bp)   
relative to its March forecast of -7mm, likely driven by better economics   
during planting season. Higher US acreage modestly raises our 2009/10   
stocks/use expectations. We raise our 2009/10E global corn stocks/use to   
15.8% from 14.7%, our 2009/10E global soybeans stocks/use to 20.6% from   
19.9% and our 2009/10E global wheat stocks/use to 27.7% from 27.4%.   
GS-Agriculture-090701
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