Market setback day after USDA supply and demand report

Corn and soybean futures are sharply lower the day after USDA released its latest supply and demand estimates.

AgriVisor senior commodity risk analyst Karl Setzer tells Brownfield there were no major surprises in Wednesday’s report.

“That in itself, no bullish surprises especially, is leading us to a little bit of a setback today, kind of snowballing off that USDA data.”

He says the department is projecting adequate global carryover for corn and wheat.

“The U.S. soybean supply, yeah it’s going to be tight the remainder of this year (and) it’s going to be tight next year. But what we’re looking at more so than that is we’ve got to look at the global supply of soybeans.”

Setzer says those supplies are expected to increase enough to “take the edge off” the soy complex, and the corn complex as well.

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