USDA had bullish and bearish data for traders in Friday's crop report, including the first monthly estimates of 2014 production, supply and demand for corn, soybeans and wheat. Wheat prices faltered despite a crop that was smaller than expected. Corn prices sunk too, with USDA seeing rising supplies in the year ahead. The government also sees huge stocks of 2014 soybeans, but old crop remains very tight, helping prices buck the bearish trend and rally. Senior grain market analyst Bryce Knorr goes over the numbers, and the outlook for prices.
Watch the conversation using the video link below.
Bryce Knorr, Senior Market Analyst, Farm Futures, first joined Farm Progress in 1987. In addition to analyzing and writing about the commodity markets, he is a former future introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Market Review on FarmFutures.com, he writes weekly reviews for key commodities and crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.