USDA 2009/10 Ending Stocks, Early Call
The USDA today pegged the 2009/10 soybean carryout at 255 million bushels, slightly higher than trade expectations of 235 million. They obviously haven't been looking at their own weekly export sales to China recently.
Corn ending stocks were forecast at 1.675 million bushels, against expectations of 1.650 million bu., and wheat carryout pegged at 900 million bu. compared to forecasts of 875 million bu.
So all three came in above trade expectations. That has to be bearish, although the weekly export sales were supportive for beans and corn.
Corn may also garner support from the fact that 12% of the crop is still out there sitting in the snow!
Wheat looks the most bearish of the three, coupled with the poor export sales.
Early calls from the CBOT floor - corn flat to 2 lower, beans 1-2 higher, wheat down 1-2 cents.
I'll take wheat to end much lower than that.
Corn ending stocks were forecast at 1.675 million bushels, against expectations of 1.650 million bu., and wheat carryout pegged at 900 million bu. compared to forecasts of 875 million bu.
So all three came in above trade expectations. That has to be bearish, although the weekly export sales were supportive for beans and corn.
Corn may also garner support from the fact that 12% of the crop is still out there sitting in the snow!
Wheat looks the most bearish of the three, coupled with the poor export sales.
Early calls from the CBOT floor - corn flat to 2 lower, beans 1-2 higher, wheat down 1-2 cents.
I'll take wheat to end much lower than that.
