January 13, 2009
USDA reports seen bearish for CBOT corn, soy
Monday's (January 12) US Department of Agriculture grain and oilseed reports were seen as bearish for Chicago Board of Trade corn and soy, and mixed for wheat, traders said.
Traders initially called corn to open trading 5-10 cents lower, soy down 10-15 cents and wheat down 7-10 cents.
The crop production and quarterly grain stocks reports showed increased ending stocks for corn, soy and wheat. The USDA also increased its estimate of US soy production and projected domestic corn production slightly above trade expectations.
"They're not good for any of the grains," a trader said of the reports. Another trader said "the macros are not friendly" Monday morning, which will add pressure.
Although wheat carryout was up, the USDA projected lower winter wheat planting estimates for 2009.
