USDA Report Boosts Grain Futures

North American grain and oilseed futures saw significant gains on August 12, following the release of updated supply/demand estimates from the U.S. Department of Agriculture.

The market reacted positively to the new numbers, with corn experiencing some of the largest advances.

According to Phil Franz-Warkentin of the Western Producer Markets Desk, this bullish reaction was driven by the USDA's revised estimates for grain and oilseed supplies.