World Perspectives
feed-grains soy-oilseeds wheat

Market Commentary

At the end of the day, it was all about what USDA had to say. That turned out to be another bearish report on corn and, especially, soybeans. The wheat numbers were somewhat positive. Markets were hoping USDA would make just modest upward yield adjustments for corn and soybeans, but it didn’t. Instead, those yields were popped to the high ends of the pre-report estimates. The spring wheat yield estimate was also big. The numbers sent the soy complex to major losses, and that pushed corn and wheat lower as well. (There is a separate analysis today of the USDA report.) U.S. equity markets were also under heavy fire today. Turkey’s currency was collapsing, which prompted fears that Turkey might default on loans.   Corn FUT...

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