Soybean Bids
(EDITOR’S NOTE: The following information is provided by Louis Dreyfus Commodities of Claypool.)
USDA report contained some interesting numbers. Bean stocks as of March 1were 1.00 bil vs trade estimate of .935. Corn 5.400 bil vs trade estimate of 5.013.
These numbers were a lot higher than anyone expected. Beans were down 48 and corn down limit plus an additional 15 cents.
Bean acreage was less than estimated at 77.1 vs 78.3 and new crop beans were down 22.
Corn acreage 97.3 vs 97.3, so even with trade estimates.
It will take a week for the old crop stock numbers to be digested by the market. With the drop in new crop acres, it puts a lot on the US to produce a large crop this year to not only take care of domestic needs, but supply the export market this fall until SAM starts harvest next Feb.
Funds were big sellers today. Yesterdays fund ownership number has no meaning.
Support 13.97 Resistance 14.59