MN Broker Good Week for Grains Even With Bearish USDA Report
It was a couple weeks ago the USDA found around 130 million bushel of beans in the final Quarterly Grains Stocks Report of the marketing year. That was a surprise and took bean prices sharply lower. So, we knew the USDA October Supply Demand Report would use those stocks numbers and they did. Plus, the USDA raised corn and bean yields and production for this crop year. The October USDA Report took corn and beans sharply lower and it looked very bearish.
However, by the close Friday afternoon corn had recovered all the losses and beans were down only about 10 cents a bushel! Gordy Kralovetz with Chiodo Commodities said in the Weekly Ag Market Recap it was a major moral victory! In fact, when we were sharply lower Wednesday the day of the report Gordy said he though before long corn and soybeans would be back where we were before the report. That is exactly what we saw. Maybe the market has begun to figure out corn and bean stocks are tight, even during harvest? Click on the link and listen to Gordy talk about the markets last week.