At first glance today’s USDA report data data looks neutral to a touch bearish for beans and mildly bullish for corn and wheat, and the market reacted accordingly upon data release. However, initial market moves soon retraced and the market in soybeans, soybean meal and corn ended down whilst wheat closed higher.
In other news, which is largely overshadowed by today’s USDA report, includes (as yet unconfirmed) Chinese cancellation of soybeans and soybean oil, which if correct will not be supportive to prices.
The market will continue to digest the report over the next day or two, as will we, and our overall conclusion is that there was little in the way of long term supportive or bullish news.
To download a copy of our report recap please click on the link below.