After the release of USDA’s July Supply and Demand Report, Bob Utterback from Utterback Marketing Services told AgriTalk After the Bell listeners, “After the bears have had their fun over the past few weeks in corn, it’s time to not be bearish.”
ATB host Chip Flory and ATB news anchor Davis Michaelsen provided the details of today’s reports, including the cut to estimated global corn carryover in the 2018-19 marketing year, that continues the trend started in the 2017-18 marketing year.
“It’s the global story in corn that should prevent much more pressure on the corn market from here,” said Utterback. However, he also warned the global picture on soybeans, combined with the ongoing trade war with China, could delay an upside recovery in the grain markets.
Utterback added, “The silver lining to all of this is if you’re an end-user and a livestock producer, the markets are offering an excellent opportunity to establish some long-term hedges on the feed you’re going to need in the year ahead.”