- USDA reduced its guess on US corn production for the second consecutive month, yet the end result is still a near-record large crop at a time of reduced demand.
- USDA also reduced US soybean production, despite near ideal weather since mid-July and memories of what happened in Brail this past January and February still fresh in our minds.
- It didn't matter what USDA had to say about US wheat, the Chicago (SRW) market is that fundamentally bearish.
The first thing that came to my mind as I watched the grain and oilseed sector close Friday was the famous line from Scottish poet Robert Burns, “The best laid schemes o' Mice an' Men,/Gang aft agley./An' lea'e us nought but grief an' pain,/For promis'd joy!”
