This morning going into the USDA July Supply Demand report both corn and beans were trading sharply lower. Well, it got a whole lot worse after the USDA released the numbers! Actually, a couple analysts termed the report slightly friendly because the USDA lowered both corn and bean production for the current crop. However, carryovers were slightly higher (less than a rounding error) but that is all the market needed to go sharply lower.

Commodity Broker Gordy Kralovetz with Chiodo Commodities said yesterday on the air that to make the math work, the USDA would cut demand and they did. Even to the point that the wheat acres are increased, but seed use was cut by 4 million bushels? So, markets are in "free fall" with a hot and dry forecast for the next 2 weeks when a large porting of our corn crop will be pollinating? Click on the link and listen to Gordy talk about the report about 15 minutes after it was released!

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