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USDA data seen friendly corn

07/12/2011 @ 6:54am

CHICAGO, Illinois (Agriculture.com)--The USDA released bullish corn, bearish soybeans data Tuesday. Ultimately, the World Supply and Demand (WASDE) report could be trumped by the European debt crisis, traders say.

The Early calls for the commodities for Tuesday's CME Group futures open are mixed. Corn is seen opening 5-7 cents higher, soybeans 5-10 cents lower, and wheat neutral to slightly higher.

In its report, the USDA estimates the 2011-12 U.S. soybean carryout at 175 million bushels vs. the average analysts estimate of 172 million bushels. For 2010-11, the soybean carryout is estimated at 200 million bushels, compared to the average analysts estimate of 193 million and the USDA's June estimate of 180 million.

For corn, the U.S. 2011-12 carryout is estimated at 870 million bushels vs. the analysts estimate of 1.013 billion bushels. The U.S. 2010-11 corn carryout is estimated at 880 million bushels vs. the analysts average estimate of 911 million bushels and the government's June estimate of 730 million.

On Tuesday, the USDA estimates the U.S. 2011-12 wheat carryout at 670 million bushels vs. the analysts average estimate of 716 million and the government's June estimate of 687 million.

Production

The USDA estimates the U.S. 2011-12 All Wheat production at 2.106 billion bushels vs. the analysts average estimate of 2.069 billion bushels and a June estimate of 2.058 billion bushels. 

World Carryover

For the 2011-12 world wheat carryover, the USDA pegged it at 182.2 million metric tons, vs. a June estimate of 184.26 mmt. For old-crop, the world wheat carryover is estimated at 190 million metric tons, compared to last month's estimate of 187.12 mmt.

The 2011-12 world corn carryover is estimated at 115.7 million metric tons, compared with a June estimate of 111.89 mmt. And, the 2010-11 world  corn carryover is pegged at 120.9 mmt, vs. a June estimate of 117.44 mmt.

In its report, the USDA estimates the 2011-12 world soybean carryover at 62.0 mmt, compared to a June estimate of 61.59 mmt. And, the 2010-11 world soybean carryover is estimated at 65.8 mmt vs. the June estimate of 64.53 mmt.

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