USDA Reports
Chuck Shelby, Risk Management Commodities, says soybeans were higher still digesting the positive news from the WASDE report and pulled corn higher. While he thinks this is bottoming action in the soybeans but what about corn?
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
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.
Mark Knight with Farmer’s Keeper Financial says corn opened lower but was trying to recover early on short covering, but also following the strength in the wheat market. Soybeans fell further on tariff concerns.
Shawn Hackett, Hackett Financial Advisors, says the June 30 reports have traditionally produced some fireworks, especially as they coincide with the end of the month and quarter which also triggers some portfolio re-balancing by the funds, but that didn’t happen Monday.
Matt Bennett, AgMarket.Net says, the corn market is breathing a sigh of relief as some whisper numbers on acreage were substantially larger than the March intentions.
Randy Martinson, Martinson Ag, chalks the recovery up to short covering heading into the weekend and position squaring ahead of Monday’s USDA reports.
Historically, the corn market has been well over $5 with ending stocks this tight, says Darren Frye with Water Street Advisory, Inc. Will higher-than-expected corn inventory show up in USDA’s Quarterly Stocks Report?
Scott Varilek, Kooima Kooima Varilek, says cattle futures are holding together despite lower cash trade, while grains are finally seeing a bounce in reaction to a China deal on rare earths.
Kevin Duling, KD Investors, says the funds continue to sell in the grain markets, and both old and new crop corn hit new contract lows Thursday before bouncing off those levels. So, how much more downside risk is there?
DuWayne Bosse of Bolt Marketing says the grain markets have seen massive fund selling this week pushing corn to new contract lows but it has been spurred by a number of bearish factors.
Jon Scheve discuses how corn and bean prices have been below breakeven prices for the past year making it difficult for farmers to be profitable.
Jon Scheve discusses variables in the market for both corn and soybeans that could impact prices in the next few months.
Dave Chatterton of Strategic Farm Marketing says corn was slightly higher with tighter ending stocks, while soybeans fell on the rumor of lower RVO levels.
USDA lowered old crop corn ending stocks 50 million bushels, but Brian Splitt, AgMarket.Net, says the market doesn’t feel like it’s trading a 1.365 billion bushel carryout nor do the July/December spreads.
Jon Scheve discusses what is causing corn’s price decline over the last month and what to expect in the next few months.
Brad Kooima of Kooima Kooima Varilek says cattle futures are seeing some early weakness despite last week’s record cash and neutral USDA Cattle on Feed Report compared to expectations. Corn is down with wheat and mostly favorable weather.
The bearish tone of the grain markets, especially corn and bean oil, stems from a lack of progress on tariffs and trade deals as well as speculation regarding the blending mandates for biomass-based diesel.
The newly released stocks-to-use ratios for corn and soybeans show we can expect the markets to be responsive to any threat to yields this summer.
John Heinberg, Total Farm Marketing, says soybeans saw profit taking pressure early Tuesday but clawed back to close slightly higher with the help of the soybean oil market. However, corn continues to fail.