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USDA data seen bullish for wheat

Agriculture.com Staff 09/28/2007 @ 6:35am

The USDA released bullish numbers for the wheat market and bearish figures for corn and soybeans, according one analyst.

In its Grain Stocks report released Friday morning, USDA-NASS estimated 2006-07 corn stocks at 1.304 billion bushels, more than the average trade guess of 1.147. For soybeans, USDA estimated stocks at 573 million, slightly higher than the trade estimate of 552 million. For wheat, USDA pegged the 2006-2007 stocks at 1.717 billion bushels, 100 million less than the trade estimate of 1.832.

Al Kluis, Kluis Commodities, calls corn opening 2-3 cents lower, soybeans 3-5 cents lower, and wheat 3-5 cents higher.

"Be careful on thinking wheat will pull up corn and soybeans here," Kluis said. "The last two reports had bullish wheat numbers, but the trade didn't react."

Don Roose, U.S. Commodities, said today's bullish wheat report will be a test for the market.

"If we can't pull higher on these numbers that says they are aleady built into the market," Roose said. "The wheat ending stocks came in 160 million bushels below the trade estimates, that's a big number."

Meanwhile, USDA estimated All-wheat production for 2007 at 2.067 billion bushels, 47 million bushels below trade estimates of 2.119.

The USDA released bullish numbers for the wheat market and bearish figures for corn and soybeans, according one analyst.

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