4 million more corn acres than last year, raised ethanol usage, but lowered domesic usage, raised carry out for old crop, but lowered the 2011 trend line yield 3 bu/ per acre.
Early opening call, 20- 30 lower. It looks bearish for old crop, bullish for new crop.
Wheat carry out is bearish. Soybean carryout is neutral.
That’s my early take on this USDA.
At 10 AM, I think we’ll be back to trading the weather forcast for these grains.
Good Trading
CER