Closing Markets -7-12-24 Will USDA's Bullish Report Surprise Stop the Bleeding in the Corn Market?

Grains ended mixed after the July WASDE, which provided a bullish surprise on corn. Arlan Suderman with StoneX says the old crop and especially new crop ending stocks came in well below trade estimates. "A little bit of creative accounting by USDA. It looked like they were trying to solve for a desired solution in keeping new crop stocks below 2.1 billion bushels," he says.
The June 28 reports had quarterly stocks and acreage come in higher on corn than expected so USDA added the 1.4 additional acres which increased production but offset it through higher demand.

[@cynicallystoicboy]

I have to concur with a lot of what is being said here. It is very nice to hear a professional opinion.