By Greg Vincent
Bill Biedermann of Allendale Commodities in McHenry, Ill., has issued these early calls about this morning's S&D reports from USDA:
1. Overall, it is a bearish report.
2. Corn is mixed, with a lower carryover and lower projections for this year's crop, but the ending stocks number is still far from bullish.
3. Soybeans are bearish on all fronts.
4. Both U.S. and world stocks are bearish for wheat.
Outside markets, primarily the situation in the European Union, will continue to weigh on prices in all commodities.