[Listen] Gordy Recap Bean Acres Down 4 Million Corn Up 2 Million
The USDA Grain Stocks and Planted Acres Report that is released the last day of June has a history of being a market mover. The reports released Friday morning lived up to expectations of being a market mover. Beans closed up around 75 cents a bushel and corn lost over 30 cents a bushel. The drop in corn Friday came after corn futures lost around 90 cents a bushel before the Reports Friday! In a little over a week corn has lost around $1.10 cents a bushel.
The Grain Stocks for corn and beans were a little friendly. It was the acres that brought the market moving action. Bean acres came in 4 million less than the market expected by traders. On the other side corn acres came in 2 million more than the market expected. So, we have or will have lots of corn and a shortage of beans?
When you think about the bean acres, we lost around 200 million bushels of beans for this years crop. Remember our projected carryover for this marketing year was 200 million bushel. That means a zero bushel carryover? That I assume would mean serious price rationing? Click on the link above and listen to Gordy talk about the ag markets last week.