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The numbers are in, and the word of the day, at least to start the day's CME Group grain trade, is BEARISH.
USDA's grain stocks numbers came in higher for corn, soybeans and wheat Thursday morning. For corn, USDA estimates we have 3.671 billion bushels on hand. The trade expected around 3.3 billion bushels. For soybeans, though the trade expected around 592 million bushels, USDA guessed 619 million bushels. For wheat, USDA pegged stocks at 861 million bushels, while the average trade estimate was 823 million bushels.
"The report says guys are holding soybeans," said Agriculture.com Marketing Talk member jec22 just minutes after the numbers' release.