Another volatile day in the markets on Friday as we saw USDA released their Quarterly Grain Stocks and Small Grains Summary reports. The corn and wheat numbers were friendly while the soybean numbers were larger and bearish to the trade. In the reports, U.S. corn stocks came in lower than expected at 1.377 billion bushels while soybeans were large at 0.274 billion bushels. Wheat was right in line with the pre-report estimate at 1.776 billion bushels but the crop came in at 1.65 billion bushels for the all-wheat number; which is 133 million bushels smaller than the trade was expecting. The numbers are viewed as bullish for corn and wheat and bearish for soybeans. Throw in Russia/Ukraine worries and macro market worries as well and that added to the trade session on Friday to wrap up the week, month, quarter and fiscal year for some folks.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with DuWayne Bosse of Bolt Marketing and Jesse Allen on today’s Market Talk below: