[Listen] Gordy Ag Market Recap Grains Explode Higher
The USDA releases the weekly Export Sales Report every Thursday morning after the overnight session and before the grain markets reopen at 8:30. Corn and bean sales were very low and many analysts were writing about how bearish those numbers were. Gordy and I were talking on the air maybe export sales for corn and beans were low because the commercials know we are running out of corn and especially beans. Plus, we have already hit the USDA projected sales for the year!
The grain markets opened up quietly Thursday morning. I looked a short time later and corn was higher and I thought that's strange because I sure thought the grains would be under pressure. Then I looked again about mid-morning and both corn and beans were locked limit higher! Gordy said there was no bullish news announcement that you could point to as the cause for the limit move higher.
It was a few weeks ago that Gordy and I were talking about all the bullish news and that still corn and beans remained range bound. I have seen it many times before that you cannot understand why the market does not respond to bullish news. Then some day with no new bullish news the markets just gap higher and rally. Maybe that is what happened last week? Click on the link and listen to Gordy talk about the ag markets last week.