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Grains and the USDA Report

Options Profits Team
8/05/14 2:09 PM EDT
From the floor of the CME group Chris Robinson, Traders Exclusive Contributor talks about possible outcomes for the August 12 USDA report. A private forecasting company raised the corn yield from 165-168 and left the beans at 44.5. If the USDA comes out with drastically different numbers, this will affect the market. The support for new crop corn is 361, 1054 for November beans, 542 for Chicago wheat and 627 or 622 for KC corn. December corn is near 4-year lows and it is not likely there will be a turnaround. Corn will not bounce with the weather, but soybeans might. The funds are long corn, short wheat and short soybeans, while 7 weeks ago they were long corn and beans. Both hedgers and speculators look too see if the numbers will hold through the USDA report.
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