By Ian Berry
OF DOW JONES NEWSWIRES
CHICAGO (DOW JONES)– Supply and demand estimates from the U.S. Department
of Agriculture Thursday were considered bullish for Chicago Board of Trade corn
and neutral for both soybeans and wheat, traders said.
The highlight of the reports, traders said, was a surprising cut in both
old-crop and new-crop ending stocks for U.S. corn. Both numbers were below all
analyst estimates leading into the report.
Meanwhile the government, as expected, tweaked ending stocks projections
only slightly from May for wheat and soybeans. Winter wheat production was
raised slightly from May estimates and was modestly above analyst expectations.
Early calls for wheat and soybeans were in line with overnight trade, with
soybeans called to open day-session trading 3-5 cents a bushel higher and wheat
called 1-2 cents higher. Corn, despite dipping slightly overnight, is called up
5 to 10 cents.