The June USDA Supply and Demand Report delivered positive news for the markets. Citizens Elevator Vice President of Grain Angie Setzer says the report is a reminder to not get married to the bearish narrative, yet. “We really found ourselves entrenched in this trade psychology, especially when it came to corn and wheat. There was too much on hand from a global perspective, but that’s suddenly starting to change from a domestic prospective.” On paper, Setzer adds the wheat number still looks large from a global supply standpoint. However, there’s a lot of story to be told, with carryout numbers starting to drop. The same could be said for soybean carryout. Right now, U.S. numbers are closer to the 2016/17 crop year.
