More bearishness in report

Friday’s USDA report was more bearish corn than many were looking for.

New crop corn carryout numbers came in higher and the trade was anticipating just a little over two billion bushels.

“The old crop carryout was raised a little bit as well,” Sherman Newlin of Risk Management Commodities told The Central Illinois Farm Network.

Beans came in just a tad higher on old crop but new crop came in a little above trade expectations.

“The market sold off and we are still down this morning.”

The wheat number was perceived as being bullish for the day. Kansas City wheat was up quite a bit.

Conditions are looking good for planting from a weather standpoint so far and there is plenty of moisture in many areas. Newlin feels the one thing that could push prices higher is some sort of weather problem.

“Everything is really going to be based off of weather and demand,” explained Newlin. “Right now, demand doesn’t seem to be overly good for what we need.”

South American numbers came in larger and Brazil will have a large corn crop. This is going to be negative for the world market.

“Those are the numbers we’ve got to trade with now for a while,” noted Newlin.