[Listen] Gordy USDA Acres and Stocks Grains Locked Limit
I forgot to ask Gordy when we were talking this morning at 11:15 the last time a USDA report caused both corn and beans to lock limit higher? I am certain it has been a while but that is what happened this morning! Going into the USDA releasing the Perspective Plantings and Grain Stocks Report corn was trading a penny or two lower and beans were up around 9 cents. Shortly after 11:00 when the reports were released both corn and beans locked limit higher.
The Grain Stocks were almost right on the average trade guesses. However, that was lower than the stocks one year ago. So, maybe it was already "in the market" but it was still bullish. The surprise came from the Acres. Both corn and bean acres came in around 2 million acres below the average trade guess. Actually the acres from the USDA were very close to the acres from the USDA Outlook Forum the end of February.
Click on the link and listen to Gordy talk about the shocking market reaction to the USDA Perspective Plantings and Grain Stocks Report.
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