Corn ends 'limit' down
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.
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.