Corn prices recovered early losses after many traders questioned an assessment by US farm officials that wheat would replace a hole in corn supplies this summer, with one analyst dismissing the analysis "a joke". [....] But the [corn futures market] revival was also helped by some doubts over how realistic the USDA's analysis was.
"The biggest question we have is 'will the trade believe in the numbers'," Rich Nelson at Allendale said.
At PitGuru, Matthew Pierce said that "following the report, disgust is the word that comes to mind". The report was "a joke, at best", with the USDA, "stating this is the bottom level they will allow [corn] stocks levels to be reported". "I say look at and follow the fundamental facts, not what I see as the USDA's attempt to control [market] price movements." Macquarie analyst Alex Bos termed the switch to wheat "highly unlikely, at least to the extent implied by the USDA's estimates".
Source: Agrimoney
Source: Agrimoney
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