USDA Report Update

Initial market reaction:  Bearish soybeans (especially new crop), bearish corn (especially old crop)
 
Corn
US Ending stocks (2012/13) – Actual: 759; Expected: 754 million bushels
US Ending Stocks (2013/14) – Actual: 2.004; Expected: 1.97 billion bushels
Global Ending Stocks (2013/14) – Actual: 154.6*; Expected: 151.7 million tonnes
*13 year high
USDA average season price prediction of $4.30 to $5.10 per bushel
 
Soybeans
US Ending stocks (2013/14) – Actual:  .265; Expected:  .239 billion bushels         
Global Ending stocks (2013/14) – Actual: 82.6; Expected: 70 million tonnes
USDA average season price prediction of $9.50 to $11.50 per bushel
 
Livestock futures have not changed direction since the open
 
Disclaimer: This commentary is provided for information only and is not intended as advice