The USDA dropped a bomb on the grain markets about two hours ago with a quarterly stocks report that was much greater than expected. Markets moved limit down on corn and as much as 50 cents lower on soybeans.
The USDA Quarterly Stocks Report showed 5.4 billion bushels of corn remaining after last year's harvest. Soybeans, which were expected to be quite low, showed one billion bushels remaining.
The trade said the corn number was 370 million bushels more than expected and the soybean number was 53 million more than the pre report guess.
Acreage for Corn and Soybeans, the other part of this report was almost as expected on corn at 97.3 million acres and expected plantings of soybeans at 77.1 million acres, that is one million less than predicted.