Today’s WASDE report was very bearish, particularly in the soybean markets, but you wouldn’t be able to tell by looking at how the market prices closed. Allendale commodity broker Greg McBride detailed the numbers from this month’s report.
Those numbers would normally cause the markets to plummet, but they actually held together at the end of the day, with soybeans miraculously ending positive at the close. McBride said the South American CONAB report made aggressive cuts to the crops in both Brazil and Argentina, which was friendly to the U.S. grain markets.
McBride added that the news from this report still has a chance to factor in more later, but the markets are currently more focused elsewhere.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
