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.