USDA Monthly S&D

Highlights of this morning's data:
US Wheat Carryout up 57 mil from last month.
Global Wheat Carryout up 5.9 mmt.
*Wheat will be called lower.

US Corn Carryout down 50 mil.
Interesting that corn use for ethanol was raised by 100 mil. Some will ponder if this is an indication of a change in blend rates.
*Corn will be called higher, but price gains may be difficult to hold all day?

US Soybean Carryout lowered 25 mil bushels.
*Calls will be higher... but this is not a huge surprise.

Short-term technical indicators warn that all markets may lack the needed energy on strength to support early strength throughout the entire session. Longer-term technical conditions are supportive and will build buying interest under the market, making weakness today a buying opportunity for those willing to carry positions for a few days.

Published Wednesday, March 11, 2009 7:40 AM
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