Negative USDA Report Speed Bump & Market Moved On Gordy [Listen]
It turned out to be a pretty good week for corn and beans even with a little negative USDA April Supply Demand Report. By the close Friday both corn and beans closed near the highs of the ranges they have been in. Weekly Export Sales for corn and beans were very good which was a little unusual. Typically Weekly Export Sales are a little light just before a big USDA Report. There were also rumors that China was going to buy another 2 million metric ton of corn on top of the 1 million metric ton they just booked.
The war in Ukraine drags on with no indication it will end anytime soon. Plus, even if it were to end you would think it will take a long time before things will be back to normal. Remember, farmers in the Ukraine are getting into the planting season just like we are and you have to wonder just how many acres will get planted? In addition the weather in South America is not ideal for their second crop of corn, and the drought monitor here in the U.S. is a cause for concern too! Click on the link and listen to Gordy Kralovetz with Chiodo Commodities talk about the ag market action last week.