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The WASDE report was bearish for corn with a 2.22 bb ending stocks estimate and beans at 335 mb. But bullish for wheat with the lower HRW crop. Jim McCormick of AgMarket.Net has price reaction.
Our challenges can appear enormous, but we have great opportunities, too—and with more agricultural R&D funding, we have an excellent chance for a future in which things are getting better all the time.
Cattle futures (both live and feeders) had a strong finish to the week!
New crop corn futures continued to drift lower following Friday’s USDA report.
A bearish reset of the corn and soybean markets is underway as they transition from tight drought-stricken old crop supplies to record production levels in 2023-24.
The May WASDE report is the first look at the new crop balance sheets. As old crop demand continues to be an area of concern, the trade was watching to see how aggressive USDA would be with new crop supply and demand.