November 11, 2008
CBOT corn seen bullish, soy bearish
The US Department of Agriculture's November crop production and supply and demand reports are seen as slightly bullish for Chicago Board of Trade corn futures and slightly bearish for soy and wheat, floor traders said Monday (November 10).
The USDA cut corn production slightly. Soy production was also cut slightly, although the estimate was a little higher than trade projections.
Traders agreed that the report would have only a minor effect on Monday's trade. Prices climbed overnight in all three markets on support from an economic stimulus package announced by China.
"This report is not going to shake things up dramatically," said Vic Lespinasse, analyst for grainanalyst.com.
Corn is called to open the day's session 8-10 cents higher, soy are called 25-30 cents higher and wheat is called 10-12 cents higher.
