USDA grain stocks reports review

While most traders were locked in on the ending stocks number for U.S. soybeans, the January USDA reports shocked the trade with corn production and stock changes from December. Corn yield was slashed 3.8 bushels per acre (bpa), and production fell by a hefty 325 million bushels (mb), as the true impact of summer drought and the derecho came home to roost. Add to that the record corn usage for the first two quarters of the crop year, and you had a limit-up corn market. Soybean stocks fell, as expected, leading to a nearly 50-cent-higher close. Read more at DTN/Progressive Farmer…