Corn and Beans Unchanged, Wheat Down Hard in USDA June Supply Demand Report
This morning the USDA released the June Supply-Demand Report. Both corn and beans were not far from unchanged going into the report that was released at 11:00. When I talked with Gordy at 11:15 corn and beans were still not far from unchanged. The wheat markets were down hard as the USDA yet again increased the world supplies of wheat.
Actually you maybe could say the corn and bean numbers were slightly friendly as carryovers for old and new crop were lower than the average trade guess. Plus beans had great weekly export sales numbers plus the USDA announced a couple big daily export sales of beans to China. However, it did not seem like it helped bean prices at all. It did not help the cause for higher bean prices with crude oil down around $3 a barrel and the stock market was down about 1400 points.
Click on the link and listen to Gordy's comments about USDA Report.