August USDA S&D Report Day

[charliep]

Just a note that USDA did released their July S&D. Full report can be found below.

http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1194

Always like to look at market reaction to gage. Corn is most bearish number (at least US - smaller world corn carryover than old crop) but not unexpected from the market analysts I follow.

At 10:00 MDT, corn and wheat off slightly. Beans pretty much unchanged. Report not having a big impact on market.

Others thoughts?

[charliep]

Will note the market mostly ended on a positive note with exception of CBT wheat, soyoil and ICE canola. May have been a day of sell the rumor prior to release and buy the fact.

[Kodiak]

Could it be that the USDA numbers were already factored in the market and the low is in? We've seen that many times before.
It's early and supply is not yet known, but maybe a renewed focus on demand will emerge. Demand is what gives a market more solid support than perceived summer time supply concerns.