9/30/2020

Sep 30, 2020


9/30/2020
Report day didn't disappoint as the USDA throws us a shocker.  Bean stocks were pegged at 523 million vs an average guess of 576 million.  Corn stocks were pegged at 1.995 billion vs the average guess of 2.250 billion.  There may be more questions than answers after this report, but there is no doubt this will make the Oct 9th WASDE report very interesting!  The volatility will continue into October as harvest will be in full swing.  Trying to dig through the details of this report is very confusing.  The USDA went back and revised the June stocks numbers lower for corn, which to me seems unthinkable and they are getting criticized for that action.  After the report on twitter the USDA answers questions and I found this very interesting.  The question was, Curious how June 1 corn stocks were revised down 205 million bushel, what new data was available to suggest that?  The answer…."Once the marketing year is complete and we have measured ending stocks, we consider all the information available for the season to adjust previous quarter stocks as needed.  We also received some late data."  That answer is a great professional way of saying we were wrong!  There is never a dull moment in 2020! 
 

Read More News

May 10, 2024
The USDA gave trade a report that was friendly for corn to work with.  Despite a higher finish, the report was quite negative for soybeans with the USDA plugging in a 445 mln bu carryout for the 2024/25 crop year.  What...
May 09, 2024
Markets were steady-higher through the overnight session until the East coast crowd came online at 8 a.m. their time. Corn and soybeans quickly flipped to the red and headed into the coffee break lower where they...
May 08, 2024
Corn and soybeans were lower on Wednesday with corn down 5-8 cents and soybeans giving back 12-19.  The previous 5 days gave our futures a rally we have been waiting for since late February and pull-backs like these...