Revised call based on USDA figs

Traders Call CBOT Corn Up 3-5c; Soy Up 5-10c; Wheat Up 4-6c

08-09 US ending stocks for wheat, whilst up on May's estimate, were still slightly below expectations. 08-09 world wheat ending stocks were increased 8.1MMt to 132.1MMT. The EU-27 wheat crop was pegged unchanged at 140MMT, the Chinese wheat crop was increased 5MMt to 114MMT. Canadian & Argentinean wheat production both saw drops of 0.5MMT each.

08-09 ending stocks for corn and soybeans were below expectations and are being called "friendly".

08-09 Brazilian soybean production was pegged at 64MMT and Argentinean production at 48MMT, up 3MMT and 1MMt on 07-08 respectively.

08-09 US corn yields were cut "aggressively" from 153.9bu/acre to 148.9bu/acre, dropping estimated production from 12.125 billion bushels to 11.735 billion.