In its supply/demand report, USDA made no changes in the corn and soybean ending stocks. U.S. wheat ending stocks dropped below pre-report estimates. Despite the tighter supplies for wheat, USDA reduced its average farmgate price. With so much corn still standing, Zaner Ag Hedge chief market strategist Ted Seifried says it will take time to get a good handle on crop production. “However, at some point, we’ll stop caring so much about this year’s production and this year’s carryover and we’ll be thinking about planting next year’s crop.”
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