Pro Farmer reports corn and soybean prices rebounded into the morning pause, which erased small overnight declines. Prices slumped overnight after USDA confirmed both U.S corn and soybean conditions improved in the week ended Sunday as some of the driest areas of got some timely rain.
The Department is set to release a slew of reports on acreage and stocks.
“I think the real wild card is going to be the stocks number,” says Chip Nellinger, risk management consultant and cash grain specialist for Blue Reef Agri-Marketing. “I think the stocks side of the equation is always really hard to peg.”
Nellinger says USDA may answer some questions to how much corn has been used for feed.
“We get the ethanol grind numbers and every week we get export sales numbers,” says Nellinger. “What we don’t get is exactly what we’re feeding.”
Listen to the rest of his analysis with Clinton Griffiths here.