CHICAGO, Feb 9 (Reuters) – CBOT corn was expected to open up 15 to 20
cents a bushel Wednesday on the back of bullish corn ending stocks data by
the U.S. Department of Agriculture, traders said.
Stocks data also buoyed wheat and soybeans. CBOT wheat was called to
open 10 to 12 cents higher with soybeans up 8 to 10 cents, the traders
CHICAGO, Feb 9 (Reuters) – The U.S. Agriculture Department
on Wednesday pegged 2010/11 U.S. corn ending stocks at 675
million bushels, below the average trade estimate for 729
The USDA pegged U.S. soybean ending stocks at 140 million
bushels, above trade estimates for 136 million. U.S. wheat
ending stocks were forecast at 818 million bushels, above an
average trade estimate for 810 million.
On the international front, the USDA reduced Argentina corn
production this year to 22 million tonnes from its January
estimate of 23.50 million. The tally was above trade estimates
for 21.488 million tonnes.
The USDA pegged Argentine soybean production at 49.50
million tonnes, below its January estimate of 50.5 million and
compared to trade estimates for 49.188 million.
Brazil’s soybean crop was forecast at 68.50 million tonnes,
above USDA’s January estimate of 67.5 million and compared with
trade estimates for 68.025 million.