It was at 11:00 Wednesday morning the USDA released the Quarterly Grains Stocks Report. The stocks of corn, beans, and wheat were all much lower than the market anticipated. The result was corn and beans rallied sharply higher, closed about on the highs of the day, followed through higher in the overnight session and the next day.

Then very early Friday morning in the overnight session news broke that President Trump tested positive for COVID-19. Beans dropped 10 cents a bushel and corn down about 5 cents. But, by the close Friday beans were unchanged and corn down 2. Given the big rally it would not be unusual to see a little profit taking going into the weekend.

GORDY AG MARKET RECAP 10-2

 

Click on the link above and listen to Gordy discuss the markets last week. Looking ahead to next week the forecast looks like it will be warm, sunny and very little rain. That means we should hear about a lot more yield results for the market to digest. we will also likely see traders anticipating what the USDA will have to say in the October Supply Demand Report.

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