Corn unchanged to down 2
Beans up 1 to 2
The USDA stocks report came out as a surprise yesterday with corn and bean stocks coming in below trade estimates. As a result, corn closed up .17 and beans were .23 higher. Corn stocks were lowered 331 million bushels with 753 million on farm which is 22% higher than last year, and 1.36 billion off farm which is down 10% from last year. The stocks number on corn has the bulls wondering if we can make a run to close the gap at $3.90. Old crop soybean stocks were lowered 92 million bushels. On farm stocks were at 265 million bushels, up 162% from last year. Off farm were 648 million up 92% from last year.
There are multiple chances of rain in the forecast this week, and the hot temperatures we saw Monday will begin cooling off. The trade will be watching the weather and its effects on harvest progress going forward. If you have grain still to market for harvest, call you GMA to discuss contract options that will allow you to deliver, stay in the market, and avoid storage.