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Traders Look to Wednesday's Crop Report
Posted: 03/09/10
By: tomgrisafi
Traders are eagerly awaiting Wednesday's supply and demand report and 2009 crop revisions.
The market traded both sides of unchanged throughout the session Monday and is merely "marking time" until Wednesday morning's U.S. Department of Agriculture report, said Arlan Suderman, analyst for Farm Futures.
March corn ended down 1/4 cent to $3.64 1/2 per bushel, and May corn settled down 1/2 cent to $3.75. Deferred contracts, including December corn, ended up slightly.
Many are expecting a cut to the 2009 crop but a corresponding decrease in demand when the USDA releases new supply and demand estimates Wednesday.
The report will be released at 8:30 a.m. EST.
While traders are mostly expecting little change to the balance sheet in the report, the USDA's March crop revision is unusual, and the uncertainty is underpinning the market, some analysts say.
Source: USDA, Farm Futures
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