Market Overview
The day after a big USDA report is always a good gut check, and today we’re seeing some of yesterday’s excitement cool off.
Corn was the big winner following the report, but farmer selling and a larger Brazilian production estimate are pulling prices back today. Soybeans are holding near steady on continued Chinese demand, while wheat has been extremely volatile on another round of Russia-Ukraine headlines.
🌽 Corn: Farmers Sell the Rally
After yesterday’s sharp gains, corn is giving some of it back.
Brazil’s CONAB raised its corn production estimate by roughly 1.2 million metric tons, putting production at a record 143 million metric tons. That adds additional exportable supplies to the global market and gave traders another reason to take some money off the table.
Farmer selling has also picked up following yesterday’s rally, when prices finally
