USDA Data Favors Corn, Soybean Prices Friday

Highest wheat stocks since 1987

DES MOINES, Iowa — The U.S. corn and soybean stocks did fall slightly below the trade expectations, while wheat stocks climb to 30-year highs, USDA estimates.

As a result, the farm markets Friday reacted negatively initially. However, corn and soybean markets helped all grains close higher. At the close, the December corn futures settled 7½¢ higher at $3.36¾, while March futures finished 7½¢ higher at $3.46½ per bushel. November soybean futures closed 3¾¢ higher at $9.54, while January soybean futures settled 3¢ higher at $9.59¼.

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December wheat futures ended 3¢ higher at $4.02. December soy meal futures closed $0.90 per short ton higher at $299.60. December soy oil futures are 0.10¢ higher at 33.44¢ per pound.

In the outside markets, the Brent crude oil market is $0.41 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 196 points higher.Jack Scoville, The PRICE Futures Group’s senior market analyst, says that the report is a little bullish for beans and corn as the stocks came in on the low side of expectations.

“For the wheat market, it’s kind of a mixed bag with production a little less than expected but the stocks a little higher than expected,” Scoville says.

Overall, kind of a yawner, but not a reason to sell, Scoville says. “Selling coming from production bears, but the fact is the farmer is not selling, and the market needs beans and corn. Market moved a little lower after the report for some reason, now a little higher as it probably should be,” Scoville says.
Jason Ward, director of grains and energy, Northstar Commodity Investment, says the report is no big shocker.

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“I’d call it neutral corn/soybeans, bearish to the wheat.”

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