USDA REPORT: LOW PRICES CREATING DEMAND
AUDIO COMMENTARY
Corn carryout surprises low
Yield unchanged as expected
Low prices have been helping demand
Low prices have been curing low prices like we have been talking about and that demand is catching the market off guard
Despite production increasing, corn carryout is decreasing
Demand still sets the stages for higher prices later in the year
Corn working on key reversal
Bean carryout smaller
Report friendly corn, friendly/neutral beans, negative wheat
Wheat carryout surprises high
There is still downside risk with perfect weather
Longer term I think we go higher led by demand. Short term there is plenty of downside risk
Listen to today’s audio below
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