USDA WASDE Report Analysis
Apr 10, 2012
The market is open and we see mixed trading on the board right now. Corn down 3, soybeans up 7, and Chicago wheat up 1 1/4 at the time of this post. Today's USDA WASDE report didn't give the bulls much to run on, with the exception being lower ending stocks of wheat and improved export expectations for soybeans. Driving higher export expectations was a further downgrade in soybean production out of Brazil, which was lowered 2.5 MMT from the March report. This wasn't a huge surprise, as we saw private analyst Informa peg production in this area on April 4th.
1450 has provided resistance to the May soybean contract in recent trade sessions, and producers should keep an eye on this area if they are still holding old crop beans. Follow us on Twitter at @GrainTV to get live market updates if you are working in the fields today.
Tune in for the full report!
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