WASDE Meets Expectations Today’s release of the April USDA WASDE was not as interesting as last week’s Prospective Plantings report but that is mostly because it met expectations. They raised soybean utilization and reduced carryover. The market reacted by adding 43.5 cents to the May contract, which means this week’s gains almost erase last week’s losses. More importantly, it puts the market back on track for breaking resistance at $17/bushel. Where analysts had hoped for more but knew it would not be coming is some recognition of the war’s impact. USDA raised Russia’s wheat exports by 1 MMT, and lowered Ukraine’s by 1 MMT.
Export Sales Drop This week’s drop in USDA reported export...
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...
