Friday brought us the first WASDE report in two months, and the markets had lofty expectations. However, the figures from this report were disappointing and caused a negative reaction in the grain prices to end the week. Allendale commodity broker Greg McBride said the corn yields weren’t lowered nearly as much as expected.
McBride said some of the numbers we saw from the Quarterly Grain Stocks Report in September have been offset by this report.
However, McBride said all of this news doesn’t automatically make the corn market extremely bearish.
McBride said there are bigger concerns about the soybeans, which are significantly overpriced.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
