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USDA releases very bullish soybean data

Agriculture.com Staff 03/31/2009 @ 6:40am

Agriculture Online--The U.S. farmers will plant 76.024 million acres of soybeans in 2009, sharply less than trade analysts expected, according to the USDA.

On Tuesday, the USDA released bullish soybean data, and slightly friendly corn and wheat numbers, in its March Planting Intentions Report.

CBOT floor traders are calling this USDA report bullish for soybeans, corn and wheat. For early calls, corn is seen opening up 5-7 cents, soybeans 30-40 cents higher, and wheat 5-7 cents higher.

For corn, the USDA's 84.9 million acre estimate is within the average trade estimates of 84.54 million acres, and below last year's seedings of 85.982 million.

USDA estimated U.S. 2009 soybean prospective plantings at 76.024 million, below the average trade estimate of 79.251 million, and just above the 2008 seedings of 75.718 million.

U.S. 2009 All Wheat prospective plantings were pegged at 58.6 million acres, within the average trade estimate of 58.856 million and below the 2008 seedings of 63.147 million.

Matt Pierce, a CBOT floor trader with Futures International LLC, says the report is a surprise.

"This is a major shocker in beans with the average guess 3.5 million above the actual number. Wheat acreage is bearish but not expected to reach this number with spring wheat acreage in question," Pierce says.

Pierce adds, "The grain stocks numbers are neutral to slightly bullish across the board with no surprises here."

The USDA estimated U.S. corn stocks at 6.958 billion bushels, above the trade expectations of 7.003. For soybeans, the USDA pegged U.S. stocks at 1.031 billion bushels, compared to the average trade estimate of 1.322 billion. USDA estimated U.S. wheat stocks at 1.036 billion bushels, within the trade estimate of 1.062 billion.

Agriculture Online--The U.S. farmers will plant 76.024 million acres of soybeans in 2009, sharply less than trade analysts expected, according to the USDA.

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