April 1, 2008

USDA report bullish for corn, bearish for soy on CBOT

USDA's planted acreage intentions and quarterly stocks reports released on Monday were bearish for CBOT soy and bullish for corn futures, traders and analysts said.

Soy futures are forecast to begin day session trading 40-50 cents lower as higher-than-expected planting data from the USDA is predicted to weigh on prices.

Corn futures are called to open 20-30 cents higher, as the USDA's planted acreage estimate fell below analysts' expectations.

Wheat futures are called to open 10-15 cents lower, as spring wheat and durum plantings, and March 1 stocks were higher than expected, but wheat is expected to be caught in the middle of sharply higher corn and sharply lower soy, a cash-connected CBOT trader said.