USDA cut its estimate of the 2013 U.S. crop
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Corn futures reacted strongly to Friday’s USDA data. Despite news of a sizeable U.S. corn sale this morning, corn futures remained under pressure ahead of the late-morning USDA reports. However, the data looked quite bullish for the yellow grain outlook, since the USDA cut its estimate of the 2013 U.S. crop and posted stock totals well below forecasts. March corn futures jumped 20.75 cents to $4.3275/bushel at Friday’s close, while May soared 20.5 to $4.4075/bushel.
The USDA reports partially sustained early soybean and meal gains. Talk of vigorous demand reportedly boosted beans and meal through early Friday morning trading. The USDA reports were generally seen as supportive for the soy complex, because the USDA stated December bean stocks slightly below expectations. Other numbers were less friendly, so CBOT prices set back from early highs. March soybeans settled 4.75 cents higher at $12.785/bushel Friday afternoon, while March soyoil bounced 0.27 cents to 38.23 cents/pound, but March soymeal dipped $0.7 to $413.6/ton.