USDA Confirms Larger Grain Stocks, Markets Drop
USDA raised prior estimates of corn, wheat ending stocks.
By Mike McGinnis, Successful Farming
Agriculture.com - 1/12/2018
DES MOINES, Iowa — The stockpiles of all U.S. grains and oilseeds continue to get bigger, according to the USDA.
In its January Crop Production, Quarterly Grain Stocks, and Supply/Demand Reports Friday, the USDA pegged the supplies higher and left its estimates unchanged for the 2017 crop sizes.
As a result, the CME Group futures market reacted negatively to the USDA numbers. Following the release of the report at 11 a.m. CT, the corn market is off 1˘, soybean prices up 2˘, and wheat market 15˘.
Al Kluis, Kluis Commodities, says that the report is negative to the markets. “But not a violent reaction We will be watching now what the South American crop will do going forward. We also want to watch the funds’ activity on their short trading positions.”
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