The USDA’s domestic corn and world corn carryover projections were both larger than expected. Corn finished the day down 8 to 9¢.
The USDA’s domestic wheat and world wheat carryover projections were both less than expected. Soft red winter and hard red spring wheat finished the day down 9 to 11¢. Hard red winter was up 1 to down 5¢.
The USDA’s domestic soybean and world soybean carryover projections were both less than expected. Soybeans finished the day up 2 to down 2¢.
Fundamentals did not matter yesterday. In fact, corn and wheat fundamentals have not mattered for four months. If fundamentals do not return to the markets this week, we will have to go with the technical traders. Eventually, the fundamentals will send these markets sharply higher.