(Updates prices, adds USDA data and analyst reaction, changes
byline, dateline, previously PARIS/SINGAPORE)
By Michael Hirtzer
CHICAGO Dec 9 U.S. soybean futures were about
flat on Friday, paring earlier gains after the U.S. Department
of Agriculture left its domestic supply outlook unchanged.
Chicago Board of Trade corn and wheat futures were also
little changed in subdued trading following the crop data, in
which the government boosted its estimates of global grain and
soy stockpiles amid increased production outlooks in countries
such as Australia and Brazil.
The global figures were higher than analysts expected, said
Midwest Marketing Solutions analyst Brian Hoops. "That's maybe a
little bit negative in a market devoid of any major news."
The USDA put U.S. soybean ending stocks at 480 million
bushels, unchanged from its estimate in November and 10 million
bushels above the analysts' average estimate from a Reuters
Corn ending stocks were seen at 2.403 billion bushels, 10
million below analysts' estimates, with U.S. wheat pegged at
1.143 billion bushels, 4 million above market expectations.
The USDA's December monthly outlook typically has fewer
changes than data due in January, which will include final U.S.
crop production figures for the 2016/17 growing season as well
as quarterly grain stocks.
CBOT January soybeans were up 1 cent at $10.28 per
bushel at 11:29 a.m. CST (1729 GMT), down from their earlier
high of $10.38-1/4 but above an overnight two-week low of
$10.21-1/2. For the week, soybeans were on pace to finish about
CBOT March corn was down 1-1/4 cents at $3.52-1/4 per
bushel, heading for a weekly gain of 1.6 percent. CBOT March
wheat eased 1-3/4 cents to $4.06-1/2, still on pace for a
weekly gain of 0.6 percent.
The USDA lifted its estimates of Brazil corn production to
86.50 million tonnes from 83.50 million tonnes and of the
Australian wheat harvest to 33 million tonnes from 28.30 million
"Maybe the Brazilian corn estimate was a little bit of a
surprise for the trade," said Allendale Inc Chief Strategist
Rich Nelson. "Beyond that, this is a completely neutral report,
and we're going to go back to trading the daily and weekly
announcements on exports and South American weather."
(Additional reporting by Mark Weinraub in Washington, Theopolis
Waters in Chicago, Naveen Thukral in Singapore and Gus Trompiz
in Paris; Editing by Lisa Von Ahn)