This month’s WASDE report was mostly neutral, which is what we usually expect from the USDA at this time of year. More will be revealed about the status of this year’s crop at the end of the month. Allendale commodity broker Greg McBride said the old crop corn ending stocks saw a modest increase.
With the lack of action in the soybean exports, McBride said there was no change in the June WASDE.
McBride explained why we usually see modest changes in the June WASDE report.
Much of the pressure on the grains today came from this morning’s biofuels blending report from the EPA, which had levels set much lower than what the industry was hoping for.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
