USDA release soybean planting 2010/11 estimate indicated that farmer could be increase production to 3,346 million bushels and ending stock may rise to 397 million bushels from 360 million bushels in June 10 estimate. However good weather condition may rise soybean yield, Informa sees U.S. soybean crop at 3,385 million bushels at yield 43.4 bushel/acre.
Bearish factor for new crop soybean prices.
Corn price bullish from ending stock (2010/11) could be reduce to 1,447 million bushels from previous estimated at 1,573.
Wheat ending stock would be increase to 1,043 million acre from last estimate 991. The fundamental of wheat still weak but big gain in corn price are support wheat and soybean price in this week.
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