It was just after 11:00 this morning I received an email from the USDA with Supply Demand report and the stocks report. I quickly glanced at the numbers. The corn yield was cut down to 172 bushel an acre and the bean yield was dropped slightly. Corn and soybean carryover was just slightly lower than the average trade guess. The USDA did cut corn exports, ethanol use and feed demand. So, just glancing at the numbers I thought it was friendly.

I was a bit worried going into the report at 11:00 when the corn went negative and being a bit higher all morning. Beans sold off a little too so I thought here we go, it is going to be a very bearish report. It was the exact opposite. Corn locked limit up at 25 cents and beans were close to limit at 50 cents a bushel. It had been so long since we have seen a limit move I was not even sure what a limit move was!

In addition I cannot remember the last time we have seen a limit move in corn. I am guessing maybe it was back in the drought year of 2012? Click on the link and listen to Gordy discuss today's shocking USDA report.