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USDA Report Thoughts

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The USDA report is mostly a non-event in our opinion.  Although some numbers differed from analyst estimates, we continue to maintain the belief that weather trumps all USDA data at this point.  Sunday afternoon weather forecasts will be extremely important for next week’s trade.  A continuation of the current heat/dryness will push the December corn contract to the $7 level in our opinion.  Check our blog page on Sunday afternoon for a weather update.

USDA June 29 Average Estimate Range USDA March 31
CORN 96.4 96.06 95.114-96.759 95.864
SOYBEANS 76.1 75.508 74.500-76.540 73.902
ALL WHEAT 56.0 56.679 55.368-59.344 55.908
USDA June 1 Average Estimate Range USDA March 1
CORN 3.148 3.174 2.982-3.650 6.009
SOYBEANS 0.667 0.635 .520-.662 1.372
WHEAT 0.743 0.723 .700-.748 1.201

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