The latest USDA data from the May Crop Production and WASDE reports is seen as bullish for the soybean, wheat, and corn markets.
In its report, USDA dropped the U.S. 2015-16 soybean ending stocks to 400 million bushels, compared with average trade expectation of 426 million. It is providing the impetus for a sharp soybean rally....
Sal Gilbertie, Teucrium Trading, says the surprise takeaways from this report have to be the lower-than-expected soybean ending stocks and an across the board increase in global demand for corn, soybeans, and wheat to record levels, especially for the 2016-17 season.
“Increasing projected demand seems to be offsetting projected near-term high stock levels, which puts pressure on farmers and Mother Nature to keep production levels high,” Gilbert says....MORE
Tuesday, May 10, 2016
WASDE: Grain And Soybeans Versus Analysts Estimates
We don't do much with beans, those people are crazy, as today's action exemplifies: