This month’s WASDE report comes to us as many farmers are preparing to enter the fields very soon- in fact, some have even been able to start already. As a result, not many changes have been made to the crop numbers since the USDA seems to have gotten a pretty good idea of what the crop is looking like. Allendale commodity broker Greg McBride said one of the biggest surprises was the decrease of old crop corn ending stocks.
While new crop corn ending stocks remained the same, McBride said there was an increase to yield.
McBride said there were no major changes to any of the soybean numbers.
The markets likely won’t take long to digest this report, though, as they are already looking ahead to the Quarterly Grains Stocks Report at the end of this month.
McBride said South American weather will start to attract more marketplace attention soon as well.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
