The market expected lower corn and soybean stocks data ahead of Wednesday’s USDA Grain Stocks report, but when the numbers were lower than most saw coming, it fueled higher grain prices, with nearby corn futures prices well within sight of the critical $4/bushel price point. The report showed corn stocks are 10% lower than a year ago, and stocks below 2 billion bushels — also a critical number when it comes to overall supply — typically signal more market upside in the near term. Meanwhile, soybean stocks almost half of where they were a year ago have traders anticipating $10/bushel futures prices for the foreseeable future. The futures prices look to translate to firmer cash basis levels for both crops as the market turns its attention to harvest progress and export demand. See more analysis.