USDA Report Reaction/Early Call

Old crop carryout was lower than trade expectations for corn & wheat and right on the money for soybeans.

New crop carryout was above expectations for corn, but below trade guesstimates for beans and wheat.

The winter wheat production number was below trade ideas too at 1.502 billion bushels, almost 20% down on 2008's 1.868 billion bushels.

Also of interest they pegged EU-27 wheat production lower than previously at 138.24 MMT, and cut Argy wheat production in line with other trade estimates to 11 MMT.

The Argy soybean crop was dropped to 34 MMT, again now in line with other trade ideas.

Early calls for this afternoon's CBOT session are: Corn called Up 6-8c; Wheat up 5-7c; Soybean up 10-15c.