The USDA released bullish data Thursday, pushing down US corn supplies. Early calls for the commodities are called 15-20 cents higher on corn, soybeans are seen opening mixed-to-lower, and 3-5 cents higher for wheat, CME Group floor traders say. "It looks like corn is the only one with the problem in this report," one CME Group floor trader says. "Corn pushes up everything else today."
Old-Crop Ending Stocks
In its June Supply/Demand and World Production Reports, the USDA estimated the US 2010-2011 corn ending stocks at 730 million bushels, compared to the average analysts' estimate of 706 million bushels and the USDA's previous estimate of 730 million. For soybeans, the USDA pegged the US 2010-2011 ending stocks at 180 million bushels vs. the average analysts' estimate of 176 and the USDA's May estimate of 176 million bushels. US old-crop wheat ending stocks were estimated at 809 million bushels, compared to the average analysts' estimate of 842 million and the USDA's May estimate of 839 million bushels. Read more ...
This blog is written by Martin Little, The Global Miller, published and supported by the GFMT Magazine and the International Milling Directory from Perendale Publishers