[Listen] Gordy USDA WASE Report Unchanged But Bearish?
This morning the USDA released the March WASE and Supply Demand Report. Traders were expecting the USDA to leave most of the U.S. balance sheet numbers about unchanged, and that is exactly what the USDA did! That meant that the average corn and bean prices was unchanged too. The world carryover numbers for corn and beans were only about one million metric ton higher which is not even a "rounding error."
However, I guess because it was not bullish that means it is bearish because shortly after the report corn was about 9 cents lower and beans 5 or 6 cents lower. Both corn and beans were a little lower going into the report. It was surprising the USDA actual increased the Brazil bean crop by about 1 million metric ton. Given all the weather problems Brazil has seen it is hard to understand how that is possible. Click on the link above and listen to Gordy discuss the March USDA WASE and Supply Demand Report.
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