MN Broker Says USDA October Report Bearish
The USDA released the October Supply Demand and WASE Report and it was bearish. Gordy Kraloveyz with Chiodo Commodities said while it was bearish, we knew it was going to be a bearish report. Especially for soybeans. In the Quarterly Grain Stocks Report at the end of September. The USDA raised the bean stocks by about 130 Million bushel. Yes, at the end of the marketing year the USDA magically found another 130 million bushel of beans?
That took beans down about 30 cents a bushel. Plus when the USDA raised bean yields in this mornings report carryover now balloons to over 320 million bushel. This tells you everything, the USDA dropped the national average price for beans by 55 cents a bushel from last months report! The corn numbers were not nearly as bad but yet corn is down around 9 cents a bushel. The USDA projected the national average price for corn unchanged from last month. Click on the link and listen to Gordy discuss the USDA report a few minutes after it was released.