Corn got hit hard Thursday after the USDA reports. The stocks came in at 4.722 billion bushels while the average trade guess was 4.528 billion bushels. On top of that bad news, the acres were larger than the average trade guess at 94.15 million. The average trade guess was 92.76. The March Planting intentions report was at 93.6 million. I guess the bright side is corn closed 6-8 cents off the lows. It is still hard to believe that cash corn is back down to about $3 a bushel. It was just two weeks ago we were flirting with $4 a bushel. Ouch!

It was quite a day in beans Thursday. Looking at the USDA numbers you would say they were neutral, maybe a little bearish, but yet beans rocked up 28-41 cents! It still strikes me as unusual that beans can see big gains and corn big losses. Normally they are both going the same direction. Bean acres this year came in at 83.69 million and the average guess 83.66 million. The March intentions were at 82.69 million. The quarterly stocks were above the guess at 870 million bushels compared to 833 million bushels. Maybe with the great demand for beans traders think the carryover will be much lower that the June USDA Supply Demand Report. We have already exceeded the USDA export projection for the year by 101 million bushels.

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