A lot of focus on the USDA January crop production and World Agricultural Supply and Demand Estimate (WASDE) reports seemed to be placed on corn and soybeans, both of which didn’t see major market action following the release of the reports.
Wheat, on the other hand, saw a 10-cent decrease. Until the report was released, Kevin Duling of KD Investors, said wheat rallied, but it was unimpressed by the report.
“You’re setting yourself up for disappointment and then the number came slightly higher than expectations,” he said on U.S. Farm Report. “Watch your cash basis, which has been the driver this whole year.”
Hear what Duling and Brian Basting, commodity research analyst with Advance Trading, Inc., are looking for when the next report is released and South American weather on U.S. Farm Report above.