[Listen] Gordy Ag Market Recap USDA Outlook Forum
It seemed that both corn and soybeans paused last week as traders waited for projections coming from the USDA Outlook Forum Thursday and Friday. Already Thursday morning we saw the USDA's thoughts on corn and soybean acres this year and they were not that "scary" compared to the last few years! This year the USDA projects around 91 million acres of corn and 89 of soybeans.
Sure, the yield projections from the USDA are nearly the highest ever which they call "trend line" but the really interesting numbers are the projected bean and corn carryovers. Plus many analyst are talking about a corn carryover of 1.3 billion bushels and beans under 150 million. Those are very tight carryovers even with projected record production out of South America and the United States this year. Click on the link an listen to Gordy discuss the market action last week and the USDA Outlook Forum.