September USDA Report Bearish [Listen]
The USDA released the September Supply Demand Report this morning at 11:00. Just looking at the numbers and the initial market reaction it was very bullish for corn and beans! I did get signed up to receive the USDA reports in my email as soon as they are released. So, I saw the numbers before I talked with Gordy on the sir at 11:15. It would take a long time to read all the numbers just on the grains in the report.
There are just two numbers I look for that tells me if the report is bearish or bullish for corn and beans. In the course grains section I look for the USDA projected change in the season average price for corn. In the oil seeds section I look for the average season price for soybeans.
In the report this morning the USDA dropped the season average price for corn 30 cents a bushel and 80 cents a bushel for soybeans. After the release corn was sharply lower along with beans. However, in the noon hour December corn is now up 10 cents a bushel and November beans up 24 cents a bushel. Maybe the harvest lows are again this year coming in early just before harvest? Click on the link and listen to Gordy with Chiodo Commodities discuss the USDA Report that was released this morning.