WHAT THIS USDA REPORT MEANS MOVING FORWARD

Written By Sebastian Frost

AUDIO COMMENTARY

  • Friendly for corn. Neutral for beans & wheat (numbers below)

  • Corn opens the door to more short covering (chart below)

  • Why these numbers are “useless”

  • USDA took away half a billion bushels of supply the market was expecting

  • The cards are still in the hands of Mother Nature

  • Still not making sales here. If you are undersold there is nothing wrong with rewarding a rally

  • This report gives a lot of room to the upside

  • Options will start to get more expensive

  • Do on farm soybean numbers add up?

  • What to watch moving forward. Be prepared

  • Could this year mark multi year lows in corn?

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CORN CHART

We missed the key weekly reversal of $4.46 by 4 cents. Broke the short term downtrend.

This was the biggest daily gain since June. The highest daily close since February 13th.

First time closing above the 50-day MA since October.

A break above $4.46 could lead to more upside from a technical perspective.

USDA NUMBERS

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Sebastian Frost
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