Sept. 30 USDA report issued

October 1, 2016

 

The surprise came in the corn market following the Sept. 30 USDA report issued Friday.

 

December corn rallied 11.75 cents by the close and soybeans followed the corn rally but closed 4.5 cents off the highs. Wheat followed the corn and closed 12 cents above the low.

 

According to USDA, corn ending stocks were 1.74 billion bushels verses the trade expectations for 1.754 billion. Soybean ending stocks were 197 million compared to trade expectations of 201 million. Wheat stocks were 2.53 billion with the trade expecting 2.397.

 

Market analysts say this is the time of year for a seasonal low. This coincides with the Oct. 1 low from 2014. The USDA supply and demand report will be issued Oct. 12.

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