USDA Yield Estimate Almost a Record MN Broker Is it Real?

Both corn and beans struggled again last week. The bears again had most of the news in their favor but Gordy Kralovetz with Chiodo Commodities said there was buying under the market that helped to limit losses. Then the USDA released the September Supply Demand Report Friday morning and that was in the bear's favor too! The trade anticipated the USDA would raise corn and bean acres planted, would increase the yield estimate, and decrease demand.

That is pretty much what the USDA did in the September report. Right after the report was released corn and beans dropped pretty hard and then rallied back. By the close Friday afternoon corn was about 7 cents higher and beans were up 16 cents a bushel. It makes you wonder if we just put in our harvest lows again this year a little early?

Maybe when we get into harvest we will find out the crop is not quite as big as expected as has been the case the last few years? Click on the link and listen to Gordy Kralovetz with Chiodo Commodities talk about the USDA report and the market action last week.