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Corn ends 'limit' down

Updated: 03/28/2013 @ 2:39pm

CHICAGO, Illinois (Agriculture.com)--A big bearish USDA Report helped the CME Group corn market to it 'limit' down, soybean and wheat markets ended lower too Thursday.

The May futures corn contract settled down the daily 'limit' of 40 cents at $6.95. This means the limits will be expanded 20 cents for Sunday night's e-trade and Monday's floor trading. The May soybean futures contract finished 49 cents lower at $14.04. May wheat futures ended 49 cents lower at $6.87 per bushel. The May soymeal futures settled $18.50 per short ton lower at $404.60. The May soyoil futures closed $0.71 lower at $50.11.

In the outside markets, the NYMEX crude oil is $0.50 per barrel higher, the dollar is lower and the Dow Jones Industrials are 48 points higher.

VIDEO: See a review of USDA's Reports

Bryan Doherty, Stewart-Peterson market advisor, says the report is certainly a sharp negative for the farm markets.

"The obvious is the increase in stocks for corn and wheat – number well above expectations. This is a potential game changer. Dec through Feb corn feed and residual usage was down 468 million bushels from year ago. Cash basis levels would suggest this number is not what the cash market is trading," Doherty says.

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mark guildenzoph 03/28/2013 @ 10:33pm Tread carefully we now see who the puppeteers are, as well as the puppets. Nobody is calling anybody a liar, but the pre-report clearly showed the numbers down and now the report states the opposite. Who found what or didn't find what is not the concern. When a piece of paper with numbers on it has this much control of the well being of our country and the lives of the people we have a much more serious issue.!. I like many others believe in what we can see, touch, and taste. If someone can prove these numbers with actual product all will fall into place. More than likely it was a strategic play on both parts to make some serious money as well as turn the market back to a volatile weather market where it can be controlled daily and effectively to both parties. Really its kind of smart until it backfires who takes the hit them? Or US???

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