Early Call, USDA Report Reaction

The USDA report is being called bearish corn, bullish beans and neutral for wheat. The bean production and yield numbers came in a little lower than anticipated, and the USDA have subsequently confirmed a sale of 113,000 MT of new-crop beans to China. That adds to a sale of 110,000 MT yesterday, and seems to confirm that they haven't gone away just yet.

The corn production and yield numbers were higher than expected, and towards the upper range of trade estimates.

Wheat was always going to take a back seat today, and so it proved. Perhaps the biggest surprise was the USDA lopping 4.5 MMT off Russian production this season.

Early calls for this afternoon's CBOT session: Corn called 3-5 cents lower; beans called 5-10 cents higher; wheat called steady to 2 cents lower.