December 11, 2009

USDA data negative for CBOT soy; neutral for corn, wheat 

US Department of Agriculture supply and demand data were slightly negative for Chicago Board of Trade soy futures but neutral for corn and wheat, traders and analysts said Thursday (December 11).

Corn futures are forecast to open steady to 1 cent lower, wheat is called 1-2 cents lower and soy are called 1-2 cents higher.

Despite US ending stocks data coming in above the average of analysts' estimates, the report is seen as a non-event, as it failed to provide any surprises.

"The markets really have nothing to react to from the report, making the influence of outside markets a feature as well as near term demand from USDA's weekly export sales report," a CBOT floor trader said.