USDA DIDN’T FEED BULLS OR BEARS
AUDIO COMMENTARY
Cattle well off the lows at some support
Corn stocks came in 100 million light
What do the stocks mean?
Response rate one of the lowest ever again
Corn acres unchanged
Wheat acres surprised low
Wheat acres could drop even further as these are planted acres not harvested acres
New contract lows in corn but closed higher
Corn keeps trying to reverse
Price action was good today considering the USDA report was not super friendly
The report was not a game changer at all
This report didn’t give a material change
A lot of times we rally into 4th of July then fall out of bed
Bulls need fed. Bears can hibernate
Need follow through strength in wheat
USDA usually doesn’t adjust yield in July
Does market think we are adding or removing supply?
Listen to today’s audio below
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