Bullish for corn, Bearish soybeans

[PORKER]

USDA data seen very bullish for corn, bearish soybeans

By Mike McGinnis
Agriculture Online Markets Editor

3/31/2008, 7:37 AM CDT

U.S. producers will plant 86.014 million acres of corn and 74.793 million soybean acres in 2008, according to this morning's USDA Planting Intentions Report.

The report is seen as very bullish for Monday's corn market, according to floor traders.

"You won't even to be able to buy corn today," one trader says. "Corn prices are seen opening limit up (30 cents). Soybeans will open limit down (70 cents)."


For corn, USDA's estimate of 86.014 million acres is below analyst's average estimate of 87.387 million.

In 2007, U.S. producers planted 93.6 million corn acres, the biggest area in 60 years.

For soybeans, USDA's estimate of 74.793 million acres is above the average analyst estimate of 71.72 million, up from 63.6 million last year.

USDA estimated 2008 winter wheat acres at 46.8 million.

USDA estimated U.S. soybean stocks at 1.4.28 billion bushels, higher than the average estimates of 1.352.

For corn, USDA estimated 2008 corn at 6.859 billion bushels, lower than the average analyst estimate of 7.076 billion.

 

[PORKER]

New all-time highs for the May contract was reached this morning at $5.88. The July corn futures hit the $6.00 mark at NOON.

 

[Anonymous]

New all-time highs for the May contract was reached this morning at $5.88. The July corn futures hit the $6.00 mark at NOON.

Yep- and it looks like some Feeder Cattle futures could end up "limit down" by days end.....

 

[Red Robin]

In the short term, it's nasty. In the long run, these short planting intentions will increase corn planting and be ( I hate to use the word bearish here :lol: ) for corn which should help cattle by fall. Lots of water under the bridge between now and then though.