When you see a bear, start backward charging, and that is what corn, beans, and wheat did today. The Board was under pressure ahead of the release of USDA’S April WASDE report and while few changes were expected in the report, and few were made, the ones announced reinforced the bearish trend in place.
The WASDE was bearish U.S. carryover stocks. The market expected USDA to lower corn ending stocks based on higher ethanol grind and exports. It shaved off 50 million bushels, but the market was looking for a larger 70 MBU cut. A similar situation unfolded for soybeans with the market seeing a small 2 MBU increase but USDA adding a much larger 25 MBU. And finally, there is wheat, with pundits calling for somewhere around a 12-18...
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...
