USDA reports pull down prices

USDA reports pull down pricesPressured by USDA reports on supplies and production, Prices were mostly lower at the close Friday on the Chicago Board of Trade.

Corn was off 1 to off 2 1/4, Soybeans were up 7 1/4 to up 13, wheat was off 10 1/2 to off 11 1/4 and oats were up 7 1/2 to up 8 1/2.

It has further been reported that Corn was pressured by a negative USDA supply and demand report that put ending stocks at 1.478 billion bushels, down from June but higher than expectations, and somewhat weaker than expected export sales despite support from spreaders versus wheat. November soybeans closed at their highest level since May 5, support coming from the announced sale of 116,000 tons to China for delivery during the 2010-11 crop year.

5 million above expectations, the supply and demand report pegged bean stocks at 175 million bushels. Word from USDA that production would hit 2.216 billion bushels pressured wheat. (With Inputs from Agencies)