Bearish Results from USDA Reports

Bearish Results From USDA Reports

I'm KayDee Gilkey with the Market Line Report for January 13, 2012.

The USDA’s monthly supply and demand report was bearish for corn, wheat and soybeans. The entire market place was expecting a drop in U.S. corn production and instead USDA actually raised corn production slightly totally turning the market upside down. 

They did lower Argentina corn production some, but not enough to raise US corn exports. 

Gary Wagner from GWX - AG Advisors shares:

Wagner: “One of the important things to remember is this report -- these quintet of reports (USDA)--is so important. It is going to change the complexion moving forward. Big highlight numbers what is essentially in this report is you showed corn demand slowing. Now we had a good rally here lead by corn based on based on dryness in Argentina and essentially weather problems in South America.”

March corn was down 40 cents at 6-11 1/2. March Wheat ended Wednesday down 36 cents at 6-05.

Portland prices for soft white wheat and club wheat were down about 20 cents at mostly 6-05. Hard Red Winter Wheat with 11.5 pct protein was atmostly 7-28. DNS wheat with 14 pct protein was at mostly 9-31.

February live cattle were down 8 cents at 121-25. March feeder cattle were up 93 cents at 151-80. February class III milk was down 8 cents at 17-40.

I'm KayDee Gilkey on the Northwest Ag Information Network. Now this.