RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Agricultural

USDA Report Bullish on Corn, Neutral on Soybeans

Posted 06/11/2019 2:07PM CT | Joshua Graves

The USDA crop report out today was clearly bullish on corn, but the fact we didn’t move lower in the beans might be even more surprising. The report was neutral to somewhat bearish on soybeans, and the support it received today in trading was carryover buying from corn buyers in my opinion. Despite everyone talking about the lost acres to wet conditions, the USDA didn’t adjust the yield lower like they did with corn, but rather left it unchanged. In fact, they raised the carryover ending stocks for 19/20 on soybeans despite the bad weather and late planting. Soybean bulls have their work cut out if they want to see the rally we could see in corn based on those numbers!

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Soybeans Nov ’19 Daily Chart

Soybeans Nov '19 Daily Chart

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Joshua Graves

Senior Market Strategist
Josh began his career in May of 2013 after graduating from Purdue University, West Lafayette. He received a degree in Agricultural Economics, with a Certificate in Entrepreneurship. He started at Paragon Investments in Kansas, the heart of wheat country. While working there he developed long term relationships with corn, soybean, and wheat producers, speaking with them on a weekly basis. His goal was to market their physical production more effectively through tracking basis, as well as hedge their exposure in the grain and cattle markets through a variety of futures and option strategies. He then moved to Florida to work for PFL Petroleum, a physical biofuels brokerage, and gained significant exposure to OTC and physical energy markets. Trading has been a passion from day one of his career. In his free time he stays active in downtown Chicago, attends sporting events, and holds an FAA Private Pilot’s License and flies Cirrus and Cessna aircraft regularly.
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