The markets were considering the fact that the USDA might make some changes to their estimates in the November WASDE, but it looks like they?re going to hold off for a little while longer yet. As a result, the grain prices didn?t have much of a reason to move today. Allendale commodity broker Greg McBride provided an analysis of this month?s WASDE report.
McBride said they now expect to see those changes in the January report.
It?s fairly early in the marketing year, so the USDA has been exercising some patience before making any adjustments. McBride said that, while the numbers didn?t do quite what they expected yet, it?s still better than a negative report.
The December WASDE will likely be the same story. McBride said that there will likely be a change to corn demand in the January WASDE if export sales don?t pick up soon.
McBride also provided some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
