Futures sold off for corn, soybeans and wheat in the wake of generally bearish numbers from USDA today. The government’s estimate for spring wheat and durum was sharply lower due to the drought on the northern Plains. But those losses were partly offset by increased winter wheat production, with ending stocks not falling as much as expected. Soybean estimates were a little friend on the U.S. side, though USDA continues to see large global supplies, helping futures work off lows. The corn numbers were likely the most bearish, with USDA raising its forecast of old and new crop carryout, in addition to the burdensome global surplus. 

Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

Related:USDA: Corn stocks increase, soybeans decrease

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