[Listen] Gordy Recap USDA Report Corn Sharply Lower
It was looking really good for corn at 11:00 Tuesday morning just before the USDA February WASE report was released. The USDA only cut the corn carryover by 50 million bushel instead of about 200 million. By Thursday March corn was down around 50 cents a bushel. We did recover a little on Thursday and it was kind of a who hum close today.
The USDA numbers for beans were actually a little friendly but beans seemed to get taken in the downdraft with corn. The grain markets closed at the normal time today and will be closed for the Presidents Holiday Monday, The grain markets will reopen for the overnight session Monday evening at 7:00 pm and the livestock markets will open the normal time Tuesday morning.
Sometimes you get a pattern change when there is a long holiday weekend. I am sure end users are pleased with this opportunity to take advantage of getting some coverage on corn needs, and for those of us that produce corn we still have cash corn of around $5 a bushel. That sure is a lot higher than las spring and summer going into fall! Click on the link above and listen to Gordy talk about the grain and livestock markets last week.
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