The USDA released its monthly WASDE report Wednesday morning.
This month?s report was friendly, considering the current global situation. Allendale commodity broker Greg McBride provided the numbers from this morning?s report.
Volatility has been the name of the game in the grain markets lately, and today was no exception. After seeing decent gains in the morning, soybeans flipped and saw some double-digit losses when the WASDE report came out at 11AM. McBride said that, even though soybeans saw a bullish report, outside market factors pulled prices down.
While this month’s report was friendly, there’s a lot that’s yet to be seen for this year, especially when it comes to the Russia-Ukraine conflict. We could see issues with next year’s harvest in Ukraine since they should be planting soon (their season is similar to the U.S.), and there is potential for some drought issues back here in the U.S. McBride provided advice for producers who are tracking the situation in order to make some profits.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
