The USDA crop report issued this morning has surprised grain traders with a more rosey grain production forecast that was expected. See the corn chart and limit down price above. Traders are taking it somewhat with a grain of salt, however, because the survey was conducted and the results were tabulated before much of the recent corn yield destruction that occurred due to the recent flooding across the grain-growing regions of the United States. Consequently, the grains have opened lower across the board and the price of corn has touched limit down in early trading. I expect at least a partial rebound, depending upon how strong the sell-off is, especially since more rain and broken levees over the weekend are likely to provide some price support for grains. However, I am short for now.
Wheat
