Old crop sales hit marketing year lows, but old crop sales are not very important at this time of year. Shipments, however, were robust, and they could lead to favorable market conditions for the new crop marketing year. Allendale commodity broker Greg McBride said this will likely lead to low carryover numbers for the corn.
McBride said the soybean side of the report was robust as well.
Despite this positive report, the grain markets have been on a crazy upward tear this week. McBride said this is due to headlines from the Pro Farmer Crop Tour and the war in Russia and Ukraine.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
