Mixed reaction after quiet report

BLOOMINGTON – The latest USDA crop report issued Wednesday saw a mixed market reaction, although it was fairly quiet.

Initially, corn tested the downside for price.

“I guess that’s not a huge surprise for February,” said Joe Camp of CommStock.

Numbers changed little from last month in terms of supply and demand but there were a few updates made for South America. The Argentine crop was cut but Brazil remained steady.

“Maybe that’s a bullish feature going forward, that we’ve seen the high water mark for production estimates in Brazil,” adds Camp.

Weather-wise, there are still drought issues in Argentina. On the U.S. side, we did see small adjustments lower for corn and soybean demand. Now we look ahead to the more important updates with the late March Prospective Plantings report and all that follows as we transition from old crop to new crop this spring.