The USDA released its Quarterly Grain Stocks Report this morning. The markets were anticipating a pretty mild report, but there were both positive and negative factors that provided a lot of contrast across the market board. Allendale commodity broker Greg McBride said the report was bullish for corn and bearish for soybeans.
Due to the timing of this report, we could see a ripple effect from this report. McBride talked about how these numbers will impact the beginning stocks for the marketing year.
McBride added that this report is tougher to predict than most, which is why we can see surprises like this.
Even though the corn and soybean prices went in opposite directions, McBride said there are opportunities for profits in both markets.
McBride also provided some advice for producers as they navigate increasingly unpredictable global conditions.
The full report can be found here.
