[Listen] Gordy Market Recap It Was a Sideways Week

It sure could have been a down week for the grain markets. It seemed like the funds were selling and adding to their short positions. Then there was the USDA Supply Demand Report Friday morning that was expected to bearish. Export sales were dismal again last week so you have to give the bears that point. However, could it be export sales are low because we do not have the corn and beans to export. Maybe the commercials are not selling to importers overseas because they are concerned about accessing the grain?

The Crop Progress Report Monday afternoon had what many thought were a shocking drop in the corn crop condition ratings. The USDA did not really take that into account in Friday's report. Maybe it supported the market when it would have moved lower with better ratings? The weekly U.S. Drought Monitor showed almost 50 percent of the U.S. corn crop is in some stage of drought and around 40 percent of the beans. We all know the USDA does not like to make big yield adjustments early in the growing season.

If it remains dry and crop conditions stay low or continue to drop the USDA may have to make an adjustment if the July Report? Click on the link and listen to Gordy talk about the grain and livestock market action last week.