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Eastern Oklahoma | Corn: CHICAGO, Aug 11 (Reuters) - Chicago Board of Trade corn futures were
expected to open up 20 cents to the 30-cent limit Thursday in a bullish
response to USDA's August crop production report, traders said.
* Global overnight trend for corn was up 1-3/4 to 2-1/2 cents per
bushel.
* Traders said the corn market trend would again be affected by
volatility in the outside markets. The Dow was up 125 at 8:31 a.m. CDT
(1331 GMT).
* USDA said 2011 U.S. corn production would total 12.914 billion
bushels, below an average of analysts' estimates for 13.082 billion.
Beans: CHICAGO, Aug 11 (Reuters) - Soybean futures on the Chicago Board of
Trade were called to open 20 to 25 cents per bushel higher Thursday after
the U.S. Department of Agriculture cut its forecasts of the U.S. 2011 soy
and corn yields, traders said.
* Higher calls in CBOT grains and soy were seen tempered by a firmer
dollar, but U.S. equity markets opened higher and crude oil turned up.
* USDA pegged the U.S. soybean yield at 41.4 bushels per acre, down
from its previous estimate of 43.4. Some analysts said the reduction,
coming relatively early in the 2011 growing season, could indicate smaller
plants.
* USDA pegged U.S. 2011 soy production at 3.056 billion bushels, below
the average trade estimate of 3.187 billion and down from 3.225 billion in
July.
* USDA upped its forecast of old-crop U.S. soy ending stocks to 230
million bushels, from 200 million in July, but cut its forecast of new-crop
soy stocks to 155 million, from 175 million in July.
Wheat: CHICAGO, Aug 11 (Reuters) - Chicago Board of Trade wheat
futures were expected to open 15 to 20 cents per bushel higher Thursday
following a rally in corn in a bullish response to USDA's August crop
production report, traders said.
* Global overnight trend for corn was up 1-3/4 to 2-1/2 cents per
bushel.
* Traders said the wheat market would again be affected by volatility
in the outside markets. At 8:33 a.m. CDT (1333 GMT) the Dow was up 129
points.
* USDA said 2011 U.S. wheat production would total 2.077 billion
bushels, below an average of analysts' estimates for 2.079 billion.
* USDA pegged 2011/12 wheat ending stocks at 671 million bushels, equal
to an average of analsts' estimates. | |
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looks like the secrets out
