July WASDE and Reaction: Is the Top in Soybeans and How Low Does Corn Go?
The July WASDE report was bearish for grains. The biggest disappointment for the bulls was USDA's ending stocks figure for soybeans.
USDA worked in the 4 million acre drop for soybeans from the June 30 Acreage report but left yield unchanged and lowered demand which resulted in a 300 million bushel ending stocks number. That was 100 million bushels above expectations and a blow to the market and prices.
Here's What You Need to Know About USDA's July WASDE Report: https://www.agweb.com/markets/usda-re...
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