CBOT Early Call
The USDA production numbers came in towards the top end of expectations. Ending stocks were higher than expected for corn and wheat, and only marginally lower for beans. Counteracting the slightly lower bean stocks figure was an production increase of a million tonnes in Brazil to 67 MMT.
US wheat ending stocks were pegged above a billion bushels for the first time since 1987. Global ending stocks were also raised 2.1 MMT.
All in all I'd say that the report is bearish corn and wheat and neutral to bearish soybeans.
Predictably the USDA couldn't bring themselves to concur with their Chinese attache, leaving last year's corn and wheat production numbers there unchanged.
The API say that US crude oil stocks rose by a hefty 6.5 million barrels last week, the Energy Dept are out with their estimate on the opening bell of CBOT.
OPEC, talking their own book, say that they expect global oil demand to rise by 900,000 barrels per day in 2010, up 100,000 barrels from their previous estimate.
Egypt are tendering for wheat again today, Russia/Kazakhstan are the likely winners.
Early calls for this afternoon's CBOT session: corn called 7 to 10 lower; soybeans called 5 to 7 lower; wheat called 5 to 7 lower.
US wheat ending stocks were pegged above a billion bushels for the first time since 1987. Global ending stocks were also raised 2.1 MMT.
All in all I'd say that the report is bearish corn and wheat and neutral to bearish soybeans.
Predictably the USDA couldn't bring themselves to concur with their Chinese attache, leaving last year's corn and wheat production numbers there unchanged.
The API say that US crude oil stocks rose by a hefty 6.5 million barrels last week, the Energy Dept are out with their estimate on the opening bell of CBOT.
OPEC, talking their own book, say that they expect global oil demand to rise by 900,000 barrels per day in 2010, up 100,000 barrels from their previous estimate.
Egypt are tendering for wheat again today, Russia/Kazakhstan are the likely winners.
Early calls for this afternoon's CBOT session: corn called 7 to 10 lower; soybeans called 5 to 7 lower; wheat called 5 to 7 lower.