date:Jun 30, 2012
vs. the average trade estimate of 640 million bushels and the USDA's March estimate of 1.372 billion bushels.
Reaction
Jason Ward, Northstar Commodity analyst, says the Report is being considered a bit negative for the markets.
Acres were in-line with expectations, a little negative to soybeans. But, our view is some of the intended double crop acres wont get planted, unless rain develops south of I-80 where wheat was, Ward says.
Grain Stocks were supportive to corn, neutral wheat/soybeans,