Corn -5 @ $6.37
Beans -4 @ $12.27
Wheat -15 @ $6.46
Good afternoon bloggers! USDA report came out this morning and traders were expecting for the market to be unchanged to 7c lower. Immediately following the open, commodities worked their way into the green. Corn was up 9c and beans up 16c at one moment in the day. Selloff started midday. Commodities closed near the lows of the day.
The report lacked fireworks and no big surprises. Corn carryout was 45mbu lower. Bean carryout unchanged. South American corn and soybean production was slightly down, but not enough for many to take notice. Rains dotting some of Brazil are easing some concerns of bad bean loses. US corn imports were raised 5mbu. Soybean numbers did not change from the last report.
ND