USDA data seen slightly bullish
CHICAGO, Illinois (Agriculture.com)--The USDA released slightly friendly crop figures Friday, CME Group floor traders say.
Early calls for corn are 2-3 cents higher, soybeans 2-4 cents higher, and wheat is seen following.
For 2010 U.S. corn, the USDA estimated production at 13.160 billion bushels, compared to the average analysts estimate of 13.199 billion bushels and the government's August estimate of 13.365.
For 2010 U.S. soybeans, the USDA pegged production at 3.483 billion bushels, vs. its August estimate of 3.433 billion bushels and a range of analysts guesses between 3.355 to 3.500 billion bushels.
U.S. Ending Stocks
In its report, the USDA estimate the 2009-10 corn carryout at 1.386 billion bushels, compared to the average trade estimate of 1.412 billion bushels and the USDA's August estimate of 1.426 billion.
2010-2011 U.S. corn ending stocks are pegged at 1.116 billion bushels, compared to the average trade estimate of 1.125 billion bushels and its previous estimate of 1.312 billion in August.
The 2009-10 U.S. soybean ending stocks projection is 150 million bushels, compared to the average trade estimate of 151 million bushels and the August estimate of 160 million.
For soybeans, the USDA estimates the 2010-2011 U.S. ending stocks at 350 million bushels compared to the average trade guess at 304 million bushels and the government's August estimate of 360 million.
U.S. 2010-2011 wheat ending stocks are estimated at 902 million bushels vs. the average trade estimate of 914 million bushels and the government's August estimate of 952 million.
The 2009-10 wheat ending stocks are estimated at 973 million bushels, unchanged from August.