This morning’s Quarterly Stocks Report moved the market sharply lower, with the USDA reporting both corn and wheat stocks higher than private estimates. This report was just another shot to the grain complex following a month long sell-off spurred by a stronger dollar and a generally weak export market. Since September 1st we have seen the DEC corn contract trade from 766 down to 592 1/2 today and the NOV bean contract lose nearly 3 dollars, down to 1179. At these levels we expect to see end-user buying provide some support into next week, but market sentiment remains bearish. For a full breakdown of these and other stories affecting the grain complex, tune in to this afternoon’s broadcast of GrainTV. As always, follow us on Twitter to receive live market commentary sent to your mobile device.
Have a great weekend.
- Grain Hedge