Clayton Pope Commodities President Clayton Pope says the USDA numbers were not as friendly as the trade was looking for. “The numbers appear to be on the bearish side. The old crop corn carryover was down 95 million bushels, but many were thinking people would drop more than it did. New crop corn numbers are at a comfortable carryover. We’re likely adding acres to make this even more plentiful. We won’t know those acres until the June 30 report.” Pope says traders are questioning the USDA numbers. “If the trade really embraced these numbers and believed them, the new crop corn and soybeans would have moved lower, but there’s a lot of skepticism on USDA numbers, in general. We’ll see. No question, the old crop is a tight situation, but according to the numbers, it didn’t get tighter.”
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