USDA's October crop reports provide few surprises
The one unexpected item he noted in the corn figures was the September stocks report. It showed 200 million more bushels than expected, which went into the beginning inventories for the current marketing year.
Roberts said livestock feeders should watch the markets in the coming weeks, as they will likely find buying opportunities for feed grains.
"If corn starts to approach $6 on the December futures contract, that's a good buying opportunity for feeders," he said. "When we look at soybeans, I think we'll also see moves back down over the next couple of weeks."
The next opportunity to drive prices higher, according to Roberts, is when the market starts to bid acres for planting the 2012 crop. He said he expects that process to begin in earnest after Thanksgiving, when the market will start looking at balance sheets for the 2012-2013 marketing year to estimate how many acres will need to be planted.
"The corn market will need to bid more acres in," he said. "The question is what price will that take?"