After seeing lower yields than expected from the Pro Farmer Crop Tour, the markets anticipated significant yield changes in the September World Agricultural Supply and Demand Estimates (WASDE) report. However, the USDA did not end up making as significant of adjustments as the marketplace was expecting. Allendale commodity broker Greg McBride said this was consistent throughout the corn side of the report.
McBride said a lack of bullish data in the soybean side of the report contributed to a very negative close on Friday for those prices.
The negative slide in the markets was already happening before the September WASDE was released, but McBride said the release of the report solidified that move.
McBride said it also didn’t help that there seemed to be an overabundance of excitement for the report in the soybean markets in the days leading up to its release.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
