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Listen to Gordy discuss the weekly export sales for corn and beans that were at marketing year lows and ethanol production that dropped about 30 percent. ....
[Listen] Gordy Ag Market Recap USDA Outlook Forum It seemed that both corn and soybeans paused last week as traders waited for projections coming from the USDA Outlook Forum Thursday and Friday. Already Thursday morning we saw the USDA s thoughts on corn and soybean acres this year and they were not that scary compared to the last few years! This year the USDA projects around 91 million acres of corn and 89 of soybeans. Sure, the yield projections from the USDA are nearly the highest ever which they call trend line but the really interesting numbers are the projected bean and corn carryovers. Plus many analyst are talking about a corn carryover of 1.3 billion bushels and beans under 150 million. Those are very tight carryovers even with projected record production out of South America and the United States this year. Click on the link an listen to Gordy discuss the market action last week and the USDA Outlook Forum. ....
[Listen] Gordy USDA Report Corn Bears Run Wild! What can you say about the USDA Supply Demand and WASE Report this morning. Traders were expecting the U.S. bean carryover to be cut to 123 million bushel and the USDA actually cut it to 120 million. Last month the USDA estimate was a carryover of 140 million bushel. That is getting down to pipeline supplies so that likely explains why beans are around unchanged at this point. Corn was a different story as traders expected the USDA to cut corn carryover down to about 1.3 billion bushel. The USDA only dropped corn carryover 50 million bushel to 1.5 billion bushel. March corn had just set another new contract high as the report was released and 8 minutes later corn was trading 20 cents lower from the contract high. It is hard to understand that 200 million bushel could take corn down 20 cents off the highs! ....
[Listen] Gordy Ag Market Recap Record Corn Export Sales It was a little bit of a disappointing week especially in the corn market. The nearby March contract hit a new contract high for the fourth or fifth time but could not hold and close on a contract high. Actually both corn and beans traded sideways but sometime that is not necessary a bearing factor. It the market is technically overbought that can be changed just by markets going sideways for a few days. Bean export sales this week were solid but corn was the jaw dropping number at around 270 million bushel of corn sold for export. The large majority of that was sold to China. The UDA Supply Demand report will be release at 11:00 Tuesday morning. Traders are expecting the USDA to drop both corn and soybean carryovers in this months report. ....