Midday Mayhem
Teddy started off by discussing the recent activity in the grains market. Despite the funds being sellers of major grains, there was a significant uptick in wheat prices, with a nearly 30-cent increase at one point. Teddy mentioned that the market is showing continued strength, albeit with a slower pace for corn and beans. He highlighted the importance of monitoring weather conditions in major growing areas and the potential impact of Brazil's price advantage on the market.
WASDE WITH RICH
As far as today's numbers for old crop U. S. corn, well, USDA lowered ending stocks by 50 million bushels. Keep in mind, the trade expected a 70 million bushel decline on these numbers here. Feed residual was raised by 25 million bushels and corn for ethanol was raised by 25 million bushels. One thing we will point out about this balance sheet change is there is no change for exports estimates.
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