September USDA Supply & Demand

posted on

The USDA pegged U.S. national corn yields at 168.2 bushels per acre. This is a larger estimate than the 167.2 traders expected. The corn harvested for grain came in at 13.799 billion bushels, more than the 13.672 that traders expected.

Corn ending stocks were also larger than expected as you can see in the tables below.

U.S. bean yields were forecast at 47.9 less than traders expected but the U.S. production was pegged at 3.633 billion bushels, bigger than traders expected. The bean surprise came in a smaller old crop and new crop bean ending stocks.

U.S. wheat numbers were left unchanged.

Click here to see the full explanation for the USDA estimates.

The supply numbers were bigger, but prices went up anyway. Spec funds had dominated prices with their selling for more than 2 months. They finally got tired of pressing prices. Since nobody else was selling, prices should rally.

Get ready for Sell Signals in beans quickly and corn later.


Source: USDA

Categories: | Tags: | View Count: (8061) | Return
Click Here to Sign Up for a Free 30 Day Trial
Click Here to start your subscription today
Give Us A Call

These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Past performance and testimonials are not necessarily indicative of future results. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.