Not much was expected from this month’s WASDE report, but those are seemingly always the times when we get some of the biggest surprises. Instead of waiting for the January report, the USDA raised yields for both corn and soybeans today. Allendale commodity broker Greg McBride gave a breakdown of the numbers.
McBride drew attention to the fact that the USDA decided to modify our own numbers but made no changes to South America, even though they are currently experiencing weather concerns.
McBride said that changes like this usually happen in the January WASDE, with some slight changes before then not being uncommon.
Most of the grains were down today as a result, but both soybean meal and soybean oil were able to stay positive.
McBride also gave a general update on this morning’s U.S. Export Sales report, which was significantly more positive.
McBride added that improved export demand has provided a little more faith in the current marketplace.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
