USDA shocks the market with higher corn and soybean yield, production and ending stocks. SA numbers were not supportive either. Lower winter wheat acreage was friendly but wheat follows corn and beans lower. Jim McCormick, AgMarket.Net breaks it down.
USDA Shocks the Markets with Higher Corn and Soybean Yields and Production
USDA shocks the market with higher corn & soybean yield, production and carryout. SA numbers were not supportive either. Lower winter wheat acres and carryover slightly friendly. Jim McCormick, AgMarket.Net
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DuWayne Bosse of Bolt Marketing says the managed money traders have hit the sell button with charts taking out key support and they may not stop until harvest reaches 60% to 70% done.
Jon Scheve of Scheve Grain says corn will have a difficult time finding a bottom until harvest pushes past 70%. After that the $8 billion of diesel aid will provide a bridge to help farmers store and wait for better prices.
Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
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