Grain futures plummeted today after the USDA issued it’s supply and demand report, which projected larger supplies than previously forecasted. You can read the gory details of the full report here – or glorious details – depending on which side of the trade you were on.
Corn, soybeans, wheat, rough rice all basically closed “limit down” on the day, dropping the maximum allowable amount.
My personal take on this report – in a word, “ouch.” Can’t say I saw this one coming – grain charts had been looking quite frisky of late, or so I thought – it’s probably safe to call the grains bull dead for a little while after reading the supply/demand breakdown. I’m going to try and keep what powder I have left dry for awhile, so that we can reload down the road.