
- The post-USDA quarterly Grain Stocks report reaction by markets caused a great deal of consternation in the analysis/commentary industry.
- Most of the issue had to do with those saying something went wrong didn't take into accounts both sides of the supply and demand table, focusing instead on stocks only.
- The reality is we knew the relationship between supplies and demand had changed a great deal over the past year by standing the markets cash indexes, the intrinsic values of the various markets.
