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WASDE data pressures soybeans

02/08/2013 @ 11:21am

DES MOINES, Iowa (Agriculture.com)--The USDA released bearish world soybean data Friday. However, its February Supply/Demand and World Production Reports support for wheat markets.

As a result, the soybean market dropped 12 cents, after the numbers were released at 11:00am CT Friday. 

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Jason Ward, Northstar Commodity analyst, says the report's U.S. numbers were a little friendly to soybean and wheat fundamentals, while slightly negative to corn.

"But, since this is already built into the market, the prices are not following suit," Ward says.

Meanwhile, it is the world numbers that are bearish across and probably limit any upside, Ward says. 

For the 2012-13 marketing year (ending Sept. 1), the USDA estimates the U.S. corn carryout at 632 million bushels vs. the average analyst estimate of 615 million bushels and the government's January estimate of 602 million. 

USDA sees the 2012-13 U.S. soybean carryout at 125 million bushels vs. the average analyst estimate of 129 million bushels and the USDA's January estimate of 135 million.

The U.S. 2012-13 wheat carryout is pegged at 691 million bushels compared to the average analyst estimate of 728 million bushels and the USDA's January estimate of 716 million.

WORLD PRODUCTION

USDA pegged the 2012-13 Brazilian corn production at 72.5 million metric tons vs. the average analyst estimate of 71.1 mmt and the USDA's January estimate of 71.0 mmt. 

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Report 02/08/2013 @ 3:11pm One word explains the cbot and USDA-ignorant

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mark guildenzoph joke 02/08/2013 @ 2:45pm Its a funny joke to all of us. Here were seeing falling soybean prices due to bearish info that the traders and analysts say they received at 11am. Well someone tell me why they opened down at 7 and continued trading down prior to 11? Options 1 traders are just that damn good they predicted the report. Or, 2 there just full of shit and its Friday? Let's just say someone looked into some things and only about a dozen of Fridays which their are 52 traded in the green in a year. But then again if the "report" was correct to begin with.

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