USDA reports held a bullish surprise for soybeans with around 4 million less soybean acres and lower stocks, with a bearish surprise in higher corn acres. Wheat saw slightly lower acreage and stocks verses expectations. What does it mean for prices? John Heinberg, Total Farm Marketing has details.
USDA Reports Hold Bullish Surprise for Beans, But Bearish for Corn
USDA reports had a bullish surprise for soybeans w/around 4 million less acres & lower stocks, but bearish for corn with 94.1 ma. Wheat acreage and stocks slightly lower acreage. John Heinberg, Total Farm Marketing.
June 30, 2023 11:46 AM
Related Stories
Both classes of winter wheat ended limit up on the day as USDA shocked the market with their aggressive production cuts in the May WASDE according to Arlan Suderman, chief commodities economist, StoneX.
Vince Boddicker with Farmers Trading Company, says grain markets rallied on Monday adding risk premium on the war headlines but also positioning ahead of the May WASDE and China summit.
Cattle futures posted lower weekly closes and Brad Kooima with Kooima Kooima Varilek says the action was a red flag to him since it came after record fed cash trade.
Read Next
“I’m just a farmer in their way,” says Georgia producer Jeff Melin. “Force me to sell, take my land, and fly in the billionaires and big companies.”
