12/07/07--USDA Report Summary/Early Call: Beans Up 6-9c, Corn Dn 3-5c Wheat Up 5-7c

CHICAGO (Dow Jones)--Traders and analysts said Thursday's U.S. Department of Agriculture supply/demand data was supportive for Chicago Board of Trade soybeans and bearish for corn futures, but wheat futures were expected to be underpinned by supportive production data.

Although little change was expected to soybean & corn production for the current crop, the USDA surprised the market by dropping bean production to 2.625 billion bushels from 2.745 billion predicted in June.

However, after the first 5 minutes of trading the USDA report, traders expected to trade the two week weather forecast from a bullish stance because of the prospects of a hot dry forecast.

Soybean futures are expected to open 6-9 cents higher, corn futures are forecast to begin the day session trading 3-5 cents lower, and wheat futures are predicted to open 5-7 cents higher.

	Ending Stocks 2006/07		Ending Stocks 2007/08
	Beans	Corn	Beans	Corn	Wheat
Actual	0.600	1.137	0.245	1.502	0.418
Average	0.594	1.031	0.221	1.418	0.464
Highest	0.610	1.117	0.270	1.653	0.580
Lowest	0.575	0.967	0.176	1.195	0.400
June Est.	0.610	0.987	0.320	0.997	0.443