After the monthlong government shutdown, the U.S. Department of Agriculture released two months’ worth of crop data. The much-anticipated crop report showed that last fall’s corn and soybean harvests were smaller than previously thought and that supplies of the two commodities were also tighter.
Despite the adjustments, the U.S. still has ample stockpiles and will need rising demand to cut into the glut, especially of soybeans. Both markets rallied briefly on the announcement but were trading near unchanged by midday Friday at $9.11 and $3.74 per bushel, respectively.