USDA Report Rallies Corn Market
The USDA shocked the corn market with their report on Tuesday. Here’s Scott Shellady with details.
Shellady… “Corn up about 16 to 17 cents. Why? Well, we got an acreage report today. We lost about 3 million acres, and that's going to set this market on fire. If you remember correctly, we also talked about some funds being short. Now they've started to cover going into this report, but those that didn't, have to now. That's adding a little bit to that. We've got weather reports are saying it may be hotter and drier too. It's the July 4th weekend. That's a very, very typical thing that kind of come out at that time. So there's going to be some investors, traders that are going to be taking some cover here, in case things do all of a sudden get hot and dry on us. So right now it's an acreage issue and it could morph itself into a weather issue.”
July Corn ended up closing up $0.12 ¼ to $3.38 ½.
Chicago July Wheat futures yesterday closed up $0.04 ½ to $4.90.
Kansas City Hard Red Winter Wheat up $0.06 ½ to $4.35 ½.
Portland prices for soft white wheat of ordinary protein up $.0.05 ranging to $5.75.
Club Wheat of Ordinary Protein up a nickel as well ranging from $5.75 to $7.50.
Dark Northern Spring wheat up $0.12 ¼ ranging from $6.19 ¼ to $6.49 ¼ for 14% protein.
Live Cattle futures were down $0.20 on the August board to $96.27 ½. Feeder Cattle for August down $0.90 to $133.37 ½.
Class III milk yesterday up $0.15 to $22.35.