[Listen] Gordy USDA Acres and Grain Stocks Report
The USDA released the Planted Acres and Grain Stocks and Gordy Kralovetz with Chiodo Commodities said most of the numbers were negative. Both corn and beans were trading lower going into the release at 11:00 this morning. Actually most of the numbers were pretty close to the average trade guesses but just a "touch" higher so that was termed negative or bearish!
There were some very large swings up and down in corn, beans and wheat after the release. There was one very bullish number and that was the soybean acres which came in around 2 million acres less than traders expected. It seemed like the weather forecast and concerns about an economic recession was more important to traders than the reports? Gordy also mentioned that there were reports that between 900 and 1500 center pivot irrigation rigs in Nebraska were blown over in a big storm earlier this week.
That would be a lot of acres of corn in Nebraska that will not be watered during this hot dry weather! Click on the link above and listen to Gordy talk about the USDA reports about 15 minutes after their release!
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