As expected, the December WASDE report did not bring much news for the corn and soybean markets to react to. The most significant change came to the corn carryout numbers, which caused the prices to move up slightly. Allendale commodity broker Greg McBride gave a breakdown of the numbers.
McBride said this report will hopefully put a bottom in on the corn markets.
Moving forward in the short term, McBride said there likely won’t be any huge changes to the market trends yet.
Instead of USDA reports, the markets will soon shift to focus more on the weather in South America. Brazil’s weather has been dry for a while now, and that can become a problem when grain fill happens later this month.
McBride said the markets will also pay attention to Argentina as they lower their export tax.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
