The first WASDE report after the official start of planting season had some decently positive aspects, especially in the soybean markets. As for the corn markets, AgMarket.Net Hedging Strategist Robin Schmahl said the corn production estimates were in line with the current planting expectations.
On the flipside, Schmahl said the lower soybean production estimates- which line up with the lower expected acres- are what caused the soybean prices to jump up at the close on Monday.
Export sales were also in line with their relative planting expectations, but Schmahl said that can all change depending on the weather during the growing season.
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