Seeking Alpha

Grains spike on new USDA estimates

  • The grain pits party after the USDA lowers its corn production estimate to 13.76B bushels - still a whopper of a number, but off from 13.95B in July. Ending stocks are cut to 1.837B bushels.
  • Bean production is cut to 3.255B bushels from 3.42B as acres planted are cut 500K and yield is lowered to 1.9 bushels/acre.
  • No change is made to the wheat production estimate, but 25M bushels of extra exports cuts ending stocks by the same amount.
  • December corn erases a sizable early loss, now up $0.15 to $4.69/bushel. CORN +1.5%.
  • SOYB +3.4%, WEAT +0.3%.
  • Grain ETFs: JJG +1.8%, GRU +2.5%.
  • Other related: JJA, RJA, AGF, DBA, FUD, UAG, DAG, AGA, ADZ, JJS, TAGS, USAG, RGRA.
Comments (4)
  • banshee1010
    , contributor
    Comments (11) | Send Message
    AGF and AGA trading at huge discounts too..
    12 Aug 2013, 12:30 PM Reply Like
  • Jason Burack
    , contributor
    Comments (1721) | Send Message
    Ned Schmidt is one of the top agriculture analysts out there. He called this ahead of time for weeks now. China has been loading up on corn futures, etc for many weeks now because they thought it was too cheap.
    12 Aug 2013, 12:53 PM Reply Like
  • nicasurfer
    , contributor
    Comments (123) | Send Message
    see you sub $400 CMG
    12 Aug 2013, 04:20 PM Reply Like
  • Zachary Schenk
    , contributor
    Comments (78) | Send Message
    I would like to know how CMG is related
    13 Aug 2013, 12:06 AM Reply Like
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