Soybeans lead post-USDA charge
The bulls are slamming down the gas pedal and the car's still shooting higher, but the ramp's eased down a bit in the last few minutes since USDA rolled out crop production and supply/demand numbers that show the U.S. corn and soybean crops aren't going to be as big as earlier thought.
Nearing the midday point, nearby soybeans are leading the charge at 36 cents higher at $12.18 1/4, according to Barchart.com. Nearby corn, which traders say was clearly rolling along in soybeans' shadow, was 4 3/4 higher at $4.58/bushel and nearby wheat was 2 1/4 higher at $6.49 1/2.
"From a trade expectations perspective, this is a surprisingly bullish report," says Teucrium Trading market analyst and broker Sal Gilbertie. "The trade was clearly not expecting these diminished yield numbers, and it seems the soybean balance sheet tightness of last year will carry into the new crop year if these predictions are correct."