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U.S. biofuels and corn groups criticized the overall guidance as lacking details on what qualifies for tax credits.
Brad Kooima, Kooima Kooima Varilek, says live cattle futures are consolidating which is healthy. Meanwhile, corn and soybeans make new highs for the move still digesting USDA’s bullish report data and the shocking cuts in yield, production and ending stocks.
Jerry Gulke, president of the Gulke Group, says as of Friday’s report, USDA has dropped corn ending stocks nearly 1 billion bushels from their initial estimate during the February 2024 Ag Outlook Forum when the agency projected carryout at 2.532 billion bushels based on trend-line yield.
Markets saw a double-digit rally as USDA says the 2024 corn and soybean crops were not as big as originally projected.
USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.
Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.
“There might be ways for farmers to become more efficient with fertilizer while maintaining yield, but only by carefully analyzing each farm, field and soil management zone,” says Ken Ferrie. He shares 4 tips to cut fertilizer with confidence.
Rich Nelson with Allendale, Inc. says grain markets are seeing early pressure with a rebound in the U.S. dollar index back near recent highs, but also watching South American weather and ahead of USDA reports on Friday.
Kent Beadle with Paradigm Futures says corn and soybeans are seeing profit taking and farmer selling after hitting chart resistance on Monday at previous highs and retreating.