USDA report triggers rally

[malleefarmer]

Not that we matter jak shit but personally I’m tipping Australian harvest to be as bad or less than last year think usda has it pegged pretty high at moment. Guess bulls need feeding

Unfortunately the USDA gets the final say for US crops and market participants react as if what they estimate is gospel.

It is uncommon for them to release bullish information so it was a refreshing surprise.

I didn't think pointing out the reason for a positive price move on a commodity market forum would be a bad thing. Especially if it turns out to be the start of the truth coming out.

[furrowtickler]

Unfortunately the USDA gets the final say for US crops and market participants react as if what they estimate is gospel.

It is uncommon for them to release bullish information so it was a refreshing surprise.

I didn't think pointing out the reason for a positive price move on a commodity market forum would be a bad thing. Especially if it turns out to be the start of the truth coming out.

Nope not a bad thing at all . They have no choice but to start to adjust numbers
Yes it is refreshing to see 👍
But surprising no .... the market numbers the USDA came out with in June were so far out of reality they had to start changing sooner or later.
Stats can and Canada's carry over stocks are next to be adjusted. The whole market has been lying about canola especially.

[farming101]

Canola stocks:

If you account for every bushel it could be said there was lots of old crop canola.
Was it all available for use and in the right place? No.
Likely by the time new crop started hitting the grate the average farm had only a 1350 bin of old crop left.
I think that is realistic. Was it for sale at the going price? No. Unavailable. Price not high enough. Strong hands

[errolanderson]

Welcomed breath of fresh air from USDA yesterday . . . . Corn breaking higher, which is significant. Corn is 'grand poohbah water-buffalo' of grain markets.

December gap fills around $3.92 1/2, but $4 resistance appears in-the-gunsights (IMO).

[furrowtickler]

Welcomed breath of fresh air from USDA yesterday . . . . Corn breaking higher, which is significant. Corn is 'grand poohbah water-buffalo' of grain markets.

December gap fills around $3.92 1/2, but $4 resistance appears in-the-gunsights (IMO).

Yes glad to see reality kicking in.
Most knew the numbers were way overestimated since late June. Sooner or later this had to happen 👍

[crusher]

Canola been sideways for a few months. Would be nice if it popped above its top end range of $457 ish.

[malleefarmer]

good to see follow through

[malleefarmer]

Short Lived?