Traders Cautious Heading Into October Supply and Demand Report

Traders are cautious going into today’s USDA Supply and Demand report. Following this week’s rally, RML Trading president Bob Lebacken says we could see a bearish market reaction even if we get bullish numbers. “We made new highs in the soybeans, getting up to $10.69 in November and you have to go way back to see those numbers again. It looks like we’ll be 19 cents off the high in anticipation for Friday’s report. We’ll see what the numbers say.” The trade seems to be leaning towards USDA cutting production. “The corn carryout is also probably plenty to go around worldwide, but the numbers are declining there a bit. We’ll see how they’ll cut usage or demand.”