By Doug Tenney, Leist Mercantile
Today USDA released their monthly supply and demand report. In trading just minutes before the report, corn was trading at $7.27, down 3 cents, soybeans were$14.80, up 5 cents, and wheat was at $8.42, down 7 cents. Trading in recent days prior to this report had focused on weather in South America, the fiscal cliff, and demand.
In early trading following the report release, corn was at $7.31, up 1 cent, soybeans were at $14.82, up 7 cents, and wheat was $8.40, down 9 cents. Then less than 30 minutes later, corn was $7.26, down 4 cents, soybeans were $14.68, down 6 cents, and wheat was $8.33 down 15 cents.
The report contained no major surprises. It provided no dramatic price changes associated with past USDA reports. However, a bit of history did end today. For several years, USDA has released their major grain reports that include monthly supply and demand reports, quarterly stocks reports, and acres intentions reports at 8:30 am.… Continue readingRead More »