Several USDA reports were released today, including the January WASDE report and the Quarterly Grain Stocks. Unfortunately, most of these reports were negative for the ag marketplace. Allendale commodity broker Greg McBride said the markets really did not like seeing a 1.2 million acre increase to the harvested corn acres.
The USDA also has not addressed the aggressive export numbers they put out for the soybeans last year, which caused another negative reaction today.
Fortunately, McBride said the prices should normalize rather quickly following this report.
Now, the markets will be firmly focused on the crop conditions in Brazil and Argentina.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
