A few slight offsetting changes in the June World Agricultural Supply and Demand Estimates (WASDE) report left the markets with very little to react to in Thursday’s trading session. That lines up with past years, though, as the June WASDE report is usually fairly quiet. Allendale commodity broker Greg McBride said the changes made to the corn numbers were relatively small.
McBride said the soybean numbers had offsetting changes as well.
McBride said the most impactful changes in this month’s report happened in the production estimates for Brazil and Argentina, which contributed to the contract lows we saw in the corn and soybean prices.
With such a neutral report, the markets are already looking ahead to the Quarterly Grain Stocks and Planted Acres reports at the end of this month. However, McBride said both of those reports are going to be difficult to predict.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
