The Quarterly Grain Stocks Report had a bearish tilt to it today, as most of the numbers came in higher than expected. The Acreage Report had an even greater bear effect to the grains, as both corn and beans came in differently than what was predicted. Allendale commodity broker Greg McBride gave a breakdown of the Quarterly Grains.
On the Acreage Report, McBride said corn was higher than expected, while beans came in lower.
McBride said this is particularly detrimental to the corn market, which was already facing a significant amount of pressure.
McBride added that pollination will be the next focus for the markets, as that part of the growing season will be taking place next month.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
