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Traders Bracing for USDA Numbers, Busiest Day of 2012
Posted: 01/12/12
By: tomgrisafi
Today at 7:30 eastern time, the USDA will release the much anticipated crop data.
And it could be the busiest trading day of this new year as a result.
According to Dan Cekander from New Age, "markets came under a little pressure Wednesday due to wetter than expected weather in South America overnight."
“We’ve got big USDA reports," he says. "We’ve got the December 1 corn stocks report final production, U.S. supply and demand (a lot of data to adjust to). Certainly the expectation is it is going to be a bullish corn report. That is one reason why the corn held up as well as it did today on the idea that USDA might significantly lower the U.S. corn production -- maybe 100 to 200 million bushels. Certainly there is an underlaying bullish expectation behind that report.”
March corn fell 1/2 cents at $6.52 3/4. March Wheat ended Wednesday up 1 and 1/4 cents at $6.41.
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