Good morning everyone. This being a much ballyhooed USDA report day, I thought I would share my Morning Commentary/Report Preview. Those of you new to my analysis will quickly see I have little use for USDA's nonsense, preferring instead to focus on real fundamentals (cash price, basis, futures spreads, forward curves, etc.). Yet here we are, with the bulk of the industry wetting itself in anticipation of the release of the latest set of imaginary numbers. Given that, let's look at what we know about reality.
