USDA Reports
If USDA predictions hold true, a massive U.S. corn crop is on the way.
Grain markets failed to extend Thursday’s gains after hitting chart resistance and fear of record yields in the Aug. 12 WASDE. However, Shawn Hackett of Hackett Financial Advisors, says the market may have already priced in the biggest yields.
Sam Hudson with Corn Belt Marketing says corn made contract lows again Wednesday as funds continue to sell on record yield estimates from private firms. However, the pressure is about more than just yield.
John Heinberg of Total Farm Marketing says funds sold across the grain complex pushing corn to new contract lows again. Corn saw pressure from historically high crop ratings and record yield estimates.
Scott Varilek with Kooima Kooima Varilek says both live and feeder cattle futures had a nice recovery and got within striking distance of the all-time highs set earlier in the week.
The department says it will relocate more than half of its Washington, D.C., staff to five hubs around the country, as well as consolidate or eliminate regional offices.
Dave Chatterton, with Strategic Farm Marketing, says old and new crop corn both made new contract lows as the market faded the friendly ending stocks numbers in the July WASDE. He says the market was looking ahead with ideas of higher yields in future reports.
Jerry Gulke, president of the Gulke Group, says grains posted lower weekly closes as the markets were pressured by ideal weather and ideas of higher yields.
Corn markets faded lower old and new crop ending stocks from USDA in the July WASDE.
DuWayne Bosse of Bolt Marketing says the bounce in the grain markets was mostly short covering heading into Friday’s WASDE Report. However, the market may not trade the report numbers long before it turns it attention back to weather.