Friday’s upcoming WASDE report is an important one, as it is the first report after the start of planting season. While the beginning of planting season has been slow, analysts are unsure of whether or not any changes will be made by the USDA. Ross Baldwin of AgMarket.Net said some sources even have the May WASDE as potentially being bearish.
While the markets have been trading on the news of weather issues in Brazil’s crop, the USDA has generally held a more optimistic position than analysts in South America. However, Baldwin said that the USDA might try to bring their estimates more in line since the analysts in South America should have a better idea of what’s actually going on.
For more information, visit agmarket.net.
