WPI analyst Matt Herrington called it correctly when he referred to yesterday’s market as the calm before the WASDE storm. It should be noted that the market often shrugs off the impact of USDA adjustments provided they are still within the range of estimates. All of today’s adjustments were within the range of analysts’ guesses in the pre-report Reuter’s poll. But many of the changes were larger than the average of the estimates. After a lackluster morning of trading, the noon-released report lit up the board for the rest of the session and moved it from mostly red to a nearly solid green. Key Takeaways
The market expected a reduction in the 2023/24 corn crop but the nearly half-percent cut was more...
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...
