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
January 12, 2024 11:42 AM
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Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
Joe Kooima with Kooima Kooima Varilek says its difficult to say because the fundamentals are still sluggish with the north seeing heavy weight cattle that have not been able to find a home.
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