Today, the market took a brutal beating to say things bluntly. Corn was down 9 cents at $3.45. Soybeans closed down 33 cents at $9.41. Wheat was down another 21 cents at $4.50.
The long waited USDA Report came out today. Ending stocks exceeded trade expectations today, but acres fell off their mark. It showed us that there is still an abundant supply. Corn stocks are around 7.7 bbu. 11% higher than last year and second largest on record. Soybeans were 58mbu above the average and are around 1.3bbu. None of these numbers proved to be good for the market. US planting acres are up 3% since last year. Illinois is up 600,000 corn acres since last year. Indiana is up corn 100,000. Illinois will also have another 100,000 soybean acres. Iowa shows the biggest increase with 300,000 soybean acres.
The strike in South America is officially over until they decide to have another one next harvest.
Though the acres are all up, they are not as high as everyone was anticipating. Both corn and soybeans were 1/2 a million acres shy of what some were estimating. Some are ignoring the 7.694 corn stock number because this year was the lowest corn feeding number for livestock in the second quarter since the 1990's.
The weather today has been the nicest all year. Temperatures reaching into the 70's (some area's 80'). Look for the nice weather to persist and possibilities of rain this coming weekend.
Go Illini,
Nathaniel Dubravec
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