9.12.19 Report day
Corn up 7 1/4 @ 367 1/4 | Beans up 29 @ 895 1/2
Corn numbers in today's report were not especially bearish as acres were left unchanged, but yield and usage were modestly lower than expectations. Corn's initial reaction to the report was sharply lower, but was then tempered with the rally's in both soybeans and hogs to uncover short covering and end the day on a stronger note.
In soybeans, strength was found in the US decision to delay tariffs on $250b of goods as a good will gesture towards China, and their subsequent purchase of 600k tons of soybeans off of the PNW. With regards to the USDA numbers there were very little changes, with only a small decrease to 19/20 ending stocks.