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...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
