The April WASDE report was a bit disappointing this time around. Several expected changes simply didn?t happen for this month?s numbers. Allendale commodity broker Greg McBride said the report had a bearish hint to it, but there just wasn?t a lot of action today anyways.
It seems like we hear about Brazil?s soybean crop getting worse and their corn crop looking better every week. McBride said the soybean numbers should be pretty well dialed in at this point, but the corn numbers could keep reaching higher with the favorable weather conditions they should be seeing.
The lack of change in Argentina?s corn crop numbers was disappointing; however, the biggest surprise was the miss on the corn world ending stocks. McBride said they were looking for a minor decrease, but the numbers actually saw a hefty increase.
We saw some higher grain prices towards the beginning of today, but they backed off a bit when the report came out. However, purchases resumed after a little time passed. McBride said the markets aren?t really paying attention to the numbers from today?s report.
McBride also offered some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
