This morning the USDA released one of the biggest reports of the year at 11:00. It was the normal Supply Demand numbers but also included the Quarterly Grain Stocks Report and final production for the previous growing season. In the past this report has had a history of moving the grain markets up and down, sometimes the limit! After the release we saw corn move 13 cents a bushel and soybeans 31 cents a bushel in about three minutes!

However, you could also say the USDA Report this morning was a non-event! After the initial active trading both corn and beans settled back to the ranges we saw before the report was released! Somehow I got signed up so the USDA emails me the report when it is released. After I quickly open it I look for just two numbers and that can tell me it it was bullish or bearish!

I go to the "Course Grains" and near the bottom is the USDA's average corn price projection. Then I scroll down to the "Oil Seeds" and look for the average soybean price. In this mornings report the average corn price was unchanged and the soybean price was increased $.50 cents a bushel. So, that told me when the "dust settled" one of the biggest reports of the year was basically a non-event!

Maybe I was a little disappointed it was not bullish at least it was not wildly or jaw dropping bearish. So we can go back to watching demand in the United States and weather in South America? Click on the link and listen to Gordy from Chiodo Commodities talk about the numbers shortly after the release.

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