Friendly numbers from the January WASDE report caused grain markets to close higher on Tuesday. Progressive Ag Marketing market analyst Brian Strommen says the old crop corn months closed limit higher. “The lower production number, lower ending stocks and the world stocks were lower, too. We traded limit up and locked there for the last hours of Tuesday’s session,” says Strommen. “It’s interesting, when you look at that, USDA lowered the feed demand by 50 million bushels, ethanol by 100 million bushels and exports by 100 million bushels. Stocks could have been a lot tighter had they left the demand side of the balance sheet alone.” Hear the full interview.
