USDA report

Soybean Numbers in line with consensus but  may lean to the bearish side  as Quarterly Stocks  are +15% higher   vs. last year and Planting intentions were higher than USDA reported 1 month ago.

Corn did have a bearish Surprise as Planting intentions were higher  then all forecasts.Corn Quarterly stock were 1% higher than last Year   and  dead on with Consensus.Plenty of people already short corn so downside may be limited. may Corn  down 50 ticks on a new contract low.

Wheat had a bullish Surprise with planting intentions down 9% vs. Last year and  well below what USDA reported last month(49.6 Mln  vs 51 mln.),What has offset  this bullishness  is that Quarterly stocks were  some 20% above last years number.

The quarterly numbers are more pertinent because we can actually count it,whereas plantings will change weekly.So thus muted reaction in grains as the surprises were in the Planting Intentions.

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