[Listen] Gordy USDA Acres and Grain Stocks Report Corn Up Limit
This morning the USDA released the Planted Acres and Grain Stocks Report at 11:00. Going into the report corn was trading 17 cents lower and beans were down even more. As the numbers came out corn quickly traded limit higher of 40 cents a bushel and beans were up 5o cents. Both the corn and bean stocks were a little lower than trade guesses.
The corn and bean planted acres were higher that 2021 but less than the average trade guess. You could say both were friendly but not a 40 cent limit more higher in corn and 60 cent higher trade in soybeans. On the other hand, maybe it pointed out that old crop corn and bean carryovers are very tight . Plus the USDA is assuming we will have a very tight carryover more than a year for now. That is even with near record corn and bean yields with the current crop?
Then the other factor that the trade has not focused on for a while is the second crop of corn in Brazil. It was planted later than normal and it has been hurt by dry weather and now the last couple days a frost. Click on the link and listen to Gordy talk about the USDA Planted Acres and Grain Stocks Reports and the weather in South America.