May 13, 2004

USDA Grain, Oilseed Reports-Ag Management's Balvanz

RICH BALVANZ, Ag Management Services, Marion, Iowa, on Wednesday's U.S. Department of Agriculture grain and oilseed reports:
 
"USDA certainly didn't throw us any big curves on the domestic side of things, as far as our supply/demand for both corn and soybeans, and if anything, gave us a present in the terms of the corn side (a 50 million bushel reduction in forecast U.S. carryout levels for 2003-04).
 
"I don't think the trade was looking for much of a change there, so to me, that's the biggest news in this report...the continued very strong demand for corn in the United States.
 
"Short-term, I think it (the report) will give an opportunity to those who didn't sell (cash) corn above $3 (a bushel) to do so again."