Last week’s USDA report did little to move the market, but Dug Werling, with Bower Trading, said there were some positive things in the numbers, “One of them was our new crop global corn stocks being down significantly. And for soybeans, while the acreage is up, the yield being used by USDA is only 48 bpa, so that has us producing less than last year.” He said this accounts for the big spread in forecast soybean prices ranging from $8.30 – $11.30.
As for market movement, Werling said this week’s improvement in the weather is not likely to have much impact, “We did not see a market rally on the wet conditions and delayed plantings in the east, so for traders to discount the market because of open weather and good planting does not seem likely.” He added there could be some bearish pressure but not a major move.
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