CHICAGO (Dow Jones)–Friday’s U.S. government supply and demand reports for
grains and oilseeds were seen as bullish across the board, with smaller
production and tighter ending stocks forecast, traders said.
The U.S. Department of Agriculture’s report confirmed that the U.S. corn
crop is smaller than earlier projections and surprisingly viewed soy yield
potential lower than previous forecasts. The government lowered projected corn,
soybeans and wheat ending stocks. It also reduced harvested soybean acres by 1%
from the previous estimate.
The USDA lowered projected world wheat ending stocks, confirming analysts’
expectations that the ending stocks would drop. But projected domestic ending
stocks were lowered more than expected.
Traders called Chicago Board of Trade corn and soybeans 20 cents to 30 cents
higher. Wheat futures are called 10 cents to 15 cents higher.
(END) Dow Jones Newswires
October 08, 2010 08:52 ET (12:52 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.
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