The Grain Stocks Report released on Friday affected trade throughout the week. Traders positioned on Thursday based on the estimated numbers indicated in the table.
On Friday, there were not any major surprises in corn and soybeans as stocks came in below trade estimates and allowed for a bullish day. In wheat, however, actual stocks were reported approximately 45 million bushels higher than trade estimates.
This caused markets to close 10 cents lower on the day and 7 cents lower on the week. The major news on this report is that USDA found more Spring wheat when trade expected a reduction. This could slow the recent rally in wheat, but corn will provide some support through next week.