June 11, 2009
USDA data slightly friendly-mixed for CBOT corn, soy
Traders said Wednesday's (June 10) ending stocks and wheat production reports were slightly friendly for Chicago Board of Trade corn and soy futures but neutral for wheat.
The US Department of Agriculture's supply and demand reports for corn, soy and wheat, and a separate production report for wheat, contained few surprises, traders said. As expected, the government projected tightening new-crop ending stocks for corn and lower old-crop ending stocks for soy.
"I don't see anything wildly friendly here," a floor trader said.
Other traders agreed the report was "mundane," and that the markets' direction on Wednesday's open would be set by outside markets and overnight trade.
CBOT corn futures are expected to open 3-5 cents higher, soy are called 1-2 cents higher and wheat is called 2-4 cents higher.
