[Listen] Gordy Weekly Ag Market Recap
It was a week of up and down for corn and soybeans this week. Going into the USDA December Supply Demand Report we saw corn and beans rallying higher. Traders were expecting the USDA projections in the report would be about unchanged and that is what we got from the USDA. In fact the U.S. corn projections were unchanged and the bean carryover slightly lower, However, after the USDA Report at 11:00 Thursday morning both corn and beans sold off.
On the positive side, technically looking at the weekly charts it was pretty much an inside and range bound week. So, it sure could have been worse. South America has gotten some rain this week the weather is still much less than ideal. Plus South America exported too many beans because now they are importing beans from the U.S. It was beneficial too that the dollar index was working lower and that makes our exports more competitive on the world market.
Click on the link above and listen to Gordy talk about the ag markets last week.