Surprises are usually left for the military but today USDA pulled off the unthinkable, shocking the market to the bullish side. The August WASDE report reflected the global crop situation the way it should, but not the way the trade expected. The table below shows just some of the ways the market was caught flat-footed.
The WASDE made significant yield cuts (20+ percent) in the western half of the production area where heat and dryness has been relentless, and recognized increases (20+ percent) in the eastern part but overall, not enough to prevent significant declines. The market had been loitering within narrow ranges for several days looking for direction, and it received a full lesson plan today. Managed funds that had re...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
