USDA Report Bullish on Corn, Neutral on SoybeansPosted 06/11/2019 2:07PM CT |
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!
Register here to receive an up-to-date research report from Hightower.
Soybeans Nov ’19 Daily Chart