The April WASDE report came and went with little to remark. This was largely anticipated, though, and the markets are ready to focus back on planting and the weather. Allendale commodity broker Greg McBride said the corn numbers were on the low side of expectations.
McBride said the soybean numbers further exemplified the export issues that the marketplace has been facing.
At this point, the USDA is seemingly making the decision to potentially overestimate the Brazilian crop, while analysts in South America are potentially underestimating it. McBride said the different projections might finally meet in the middle later on in the crop year.
McBride said the situation was similar for Argentina today as well, with only a slight change to their corn crop.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
