[Listen] Gordy USDA Quarterly Grain Stocks Shocker
This morning at 11:00 the USDA released the Quarterly Grain Stocks Report and it was a shocker! Yes, it was a bullish one! Corn stocks came in well below the trade guesses at 1.99 billion bushel and beans too were much lower at 523 million bushel. As I write this corn is trading 15 cents a bushel higher and beans are up 32 cents. As Gordy said in the Market Report after the USDA released the numbers it is a "game changer."
These numbers will change the balance sheet and carryovers for the current crop marketing year. Remember too for this crop the USDA is projecting a record corn yield and big soybean yields too. The actual size of this years crop is far from "in the bin." Take into account the lost acres or prevented plant for corn and beans, there was the frost in North Dakota where they grow a lot of beans, the drought in Iowa plus the corn lost from the derecho wind. Click on the link above and listen to Gordy talk about the USDA Quarterly Grain Stocks report.