Overnight news of attacks on two Russian shipping ports had the markets higher to start the day, and the August WASDE report brought a few surprises that allowed to grain markets to hold on to those gains and go even further. Allendale commodity broker Greg McBride said the corn side of the report contained lower yields, increased acreage, and decreased ending stocks.
McBride said the corn markets will need support from either the wheat or soybeans markets to get a foothold to climb higher, but neither of them had the best report this month.
McBride said the soybean side of the report only had a couple positives in it.
McBride said the Chinese soybean purchases are good to see, but they don’t change much on the balance sheet since they are supposed to happen anyways.
McBride said wheat production was lowered in the WASDE report as well, but it was largely overshadowed by the news out of Russia.
McBride said those global headlines have made the wheat markets much choppier than any of the other grains.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
