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Bullish USDA corn report, traders say

06/09/2011 @ 7:49am

The USDA released bullish data Thursday, pushing down U.S. corn supplies.

Early calls for the commodities are called 15-20 cents higher on corn, soybeans are seen opening mixed-to-lower, and 3-5 cents higher for wheat, CME Group floor traders say.

"It looks like corn is the only one with the problem in this report," one CME Group floor trader says. "Corn pushes up everything else today."

Old-Crop Ending Stocks

In its June Supply/Demand and World Production Reports, the USDA estimated the  U.S. 2010-2011 corn ending stocks at 730 million bushels, compared to the average analysts' estimate of 706 million bushels and the USDa's previous estimate of 730 million.

For soybeans, the USDA pegged the U.S. 2010-2011 ending stocks at 180 million bushels vs. the average analysts' estimate of 176 and the USDA's May estimate of 176 million bushels.

U.S. old-crop wheat ending stocks were estimated at 809 million bushels, compared to the average analysts' estimate of 842 million and the USDA's May estimate of 839 million bushels.

New-Crop Ending Stocks

For 2011-2012, the USDA estimates U.S. corn ending stocks at 695 million bushels, compared to the average analysts' estimate of 771 million and the USDA's May estimate of 900 million bushels. For soybeans, the USDA estimates 2011-2012 ending stocks at 190 million bushels vs. the trade's estimate of 170 million bushels and the government's previous estimate of 160 million bushels. USDA estimates the U.S. new-crop wheat ending stocks at 687 million bushels, compared to the average trade's estimate of 659 million and the USDA's May estimate of 702 million bushels.

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