Thursday's USDA Report was of no big surprise to most of the trade.
Some were even surprised that there was "no surprise".
Ending stocks, production whether you are talking corn, soybeans or wheat, numbers were reported inline with most trade expectations. With the South American weather issues, traders have been factoring in to the market what they thought would be a decline in production for soybeans and corn.
Global wheat ending stocks also came in within expectations although some area producers were thinking that the report would be bullish to futures. Thursday's market action in response to the report saw a decline in grain prices with wheat futures leading the way.
Cotton futures were down sharply on bearish data off of the report also. No cash cattle trade had been reported thus far this week, however Feeder Cattle prices still continue to make record highs. Wholesale beef prices have also been supportive in recent trade.
Dr. Steve Amosson held a two day Feed Grain Workshop at our local Extension office this week where Thursday's report was one of the items for discussion by producers.
Sometimes no matter how much you know you find out you may not know much. Such is the case when the USDA releases their reports. For the latest Ag News don't miss Daybreak every Friday at 6:05 am. Donna Hughes with Lone Star Portfolio Advisors has all the latest.
