The lower corn ending stocks in Tuesday’s USDA report caused the corn markets to move limit up. Soybeans busted through the $14 range. The wheat market was also well supported. “Wheat ending stocks came in at 836 million bushels below expectations,” explains Naomi Blohm, senior market advisor, Total Farm Marketing. “That was enough of new, friendly news to help us move through the resistance levels. What an exciting time!” Blohm thinks the USDA’s lower planted acres for corn was likely part of the prevent plant spillover. Corn ending stocks reflect a demand-led market. “The USDA confirmed small crops get smaller. The next resistance level for corn is in $5.20 and for the soybeans, $14.50 is the next target higher for the short-term.”
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