[Listen] Gordy Ag Market Recap Corn Crashes
I did not see that coming, as Thursday and Friday corn lost around 20 cents a bushel! I know corn export sales are horrible, but remember the USDA Report in January? It was called a "game changer" because the USDA found a lot less corn in the Grain Stocks Report than traders expected. Commodity Broker Gordy Kralovetz with Chiodo Commodities said corn is now lower than the day before the bullish January USDA Report!
Beans held better last week as treaders have noticed the drought in Argentina that is the worst in 60 years, It is also dry in Southern Brazil and too wet in Northern Brazil delaying bean harvest and the planting of their second crop of corn. It seemed like all traders could focus on at least later in the week was the Fed raising interest rates and killing the economy!
On the positive side, the cash prices for corn I watch at elevators and feed mills close to the farm narrowed up by 8 cents a bushel last week! Click on the link above and listen to Gordy talk about the ag markets last week.