Most estimates were expecting a yield increase in this month?s WASDE report, so when there actually turned out to be a drop in soybean yields, the markets jumped up considerably. Jacob Burks of AgMarket.Net said that, while the initial leap in soybean prices was very high, the soybeans managed to keep decent gains through the end of the day.
On the other hand, the corn yield numbers weren?t nearly as surprising. However, Burks said the corn prices did react to the change in the ending stocks numbers.
While the ending stocks may make the report seem bearish, Burks said there?s still a lot that can change with the markets as volatile as they are.
Burks also provided an analysis of the rest of the factors impacting the grain markets currently.
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