[Listen] Gordy Ag Market Recap Another Disappointment
On Wednesday at 11:00 the USDA released the Perspective Plantings and Grain Stocks Report. The grain stocks were pretty much in line with the average trade guess but the acres were the surprise. According to the USDA U.S. farmers intend to plant around 2 million acres less corn and beans then the average trade guess. It is sort of hard to believe that just a couple million acres less corn and beans would result in a limit more higher.
It was even encouraging that Wednesday in the overnight session corn and beans were sharply higher following through nicely. Then Thursday both corn and beans sold of and by the close corn was down about 4 cents and beans 29 cents. There was very heavy volume Thursday so it would seem to be heavy fund selling that took place Thursday.
Maybe it is a good thing the markets were closed today in observance of Good Friday. Maybe traders can ponder the numbers and come back Sunday night buying? Click on the link and listen to Gordy discuss the grain and livestock market action last week.