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Traders View - Owen Cligg

Date Added: 28/06/2013

USDA Report proves more bearish than expected

The USDA released a planting report on Friday which defied expectations regarding prospective plantings despite the wet spring. Corn acres were estimated 97.379, which is the largest since 1936, and soybeans acres estimated at 77.728 - up on last year but lower than expected.

Chicago soybean prices have fallen 10 to15 cents on the new crop November position following corn which was over 20 cents down. Matif oilseed rape prices have followed trading 8 euros down at 393 euros on the November position. Matif oilseed rape has this week been under pressure as chart support has been broken. This puts new crop oilseed rape at about £310.00 ex farm for harvest.

At the moment, the market does not seem to have many friends and the bears are getting it their own way. Stocks of soya in the US and oilseed rape in Europe are still tight, but it remains to be seen whether this can help halt the current slide.







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