USDA Report Reaction/Early Call
The average pre-report guesses put the corn crop at 12.066 billion bu. and the soybean crop at 2.916 billion bushels.
In fact the corn crop came in bang on 12.0 billion and the bean crop at 2.92 billion.
On the 2008-09 balance sheets, traders forecast corn carryover at 1.16 billion bu., soybean ending stocks at 189 million bu. and wheat carryover at 594 million bushels.
Corn carryout came in at 1.124 billion, beans at 205 million and wheat at 603 million.
So corn production and ending stocks were both slightly lower than anticipated, whilst the soybean and wheat numbers were all a bit higher than anticipated.
World wheat production was also raised 2.2mmt.
Early calls now 25-30c down on beans, 10-12c lower on wheat and 8-10c higher on corn.
In fact the corn crop came in bang on 12.0 billion and the bean crop at 2.92 billion.
On the 2008-09 balance sheets, traders forecast corn carryover at 1.16 billion bu., soybean ending stocks at 189 million bu. and wheat carryover at 594 million bushels.
Corn carryout came in at 1.124 billion, beans at 205 million and wheat at 603 million.
So corn production and ending stocks were both slightly lower than anticipated, whilst the soybean and wheat numbers were all a bit higher than anticipated.
World wheat production was also raised 2.2mmt.
Early calls now 25-30c down on beans, 10-12c lower on wheat and 8-10c higher on corn.
