USDA Reports
If the funding measure fails, USDA has a contingency plan in place for essential workers and services. The plan would retain a small number of administrative employees to oversee activities including disaster response and cybersecurity should funding lapse.
Jon Scheve explains the reaction to the latest USDA report and what to expect for the next few months in terms of price direction.
Jerry Gulke, president of the Gulke Group, says after the 200 million bushel cut to corn ending stocks in the December WASDE he wonders if USDA is preparing the marketplace for more of the same in the final January report?
Alan Brugler of A&N Economics, LLC says corn started higher still digesting the bullish cut to ending stocks in the December WASDE but ran into chart resistance.
Kent Beadle, Paradigm Futures, says grains are extending gains from Tuesday on technical and fund buying as the markets. The markets are still digesting the bullish USDA report data for corn and even wheat.
Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA’s surprise cut in corn ending stocks by 200 million bushels.
Matt Bennett with AgMarket.Net says the agency shocked the market in the December WASDE by lowering ending stocks on corn 200 million bu. to 1.738 billion bu., with an increase in demand.
Arlan Suderman, Chief Commodities Economist for Stone X, says corn and wheat ended higher on value buying after wheat hit contract lows last week. Soybeans continue to be under pressure with favorable weather in Brazil and basis levels below the U.S.
Brad Kooima, Kooima Kooima Varilek, says cattle are working in last week’s higher fed cash cattle trade. Grains are also mostly higher adding geopolitical risk premium and ahead of the WASDE.
Jon Scheve explains current corn and bean price trends and how likely corn will go up. Plus, he walks through a recent trade outcome.