The following is a Q&A with Don Roose, President of U.S. Commodities Incorporated and his first reactions on the Prospective Plantings report and the Quarterly Grain Stocks report.
Q. The markets don't seem to be reacting like they've done in the past, even though corn stocks are up about 30 percent year over year, what's your take on that?
A. "Yeah it definitely wasn't a market shocker, what we really had was some tweaks to the report the stocks number just a little bit lower than we thought 100 million but still very adequate, the soybean stock as we come out of the report still very tight."
Q. The average trade estimates were pretty spot on, corn was around 7.01 billion bushels, the estimate was 7.09. And Soybeans are at 992 million bushels, they were estimated to be around 989 million bushels. Did the market simply expect the numbers out?
A. "I think when you look at the overall stocks numbers, the trade was fearful that we could have a corn stocks number that was like last year, where we shocked the market. We went limit down. But really this one still tells us we come out with still stocks on corn that are very adequate to even surplus. But we're still continuing to create tracks, so that's a positive number. On soybeans the stocks are still razor tight and so we can't have any hiccups here as we go into the planting season."
Colfax Saturday Sheep Auction:
A good spring run of sheep at the Colfax auction Saturday, March 29, with 345 head of sheep and 110 head of goats. Feeder lambs brought the day's high average price at $2.22 per pound, fed lams took in an average price at $1.62 per pound, and goats ranged from $92.50 to $192.50.