On Thursday, the USDA released its World Agricultural Supply and Demand Estimates (WASDE) reports.
The markets didn’t have a strong reaction to the bullish report that shows corn stocks have been lowered, expecting the average corn yield to be at 174 bushels per acre.
Production problems in South America due to weather could also turn into a more positive story for corn markets.
Sue Martin, president and founder of Ag & Investment Services, Inc., this situation will continue evolving and it’s “going to keep getting better.”
These corn numbers appear to be the biggest story, however, soybean export estimates appear to be strong.
To Naomi Blohm, senior market analyst with Stewart-Peterson, this is a signal trade relations between the U.S. and China will balance, calling the news “encouraging.”
For farmers with a lot of old crop corn on hand, Blohm suggests selling any time the market rallies.
“It’s an opportunity to get moving on those cash sales,” she said.
Hear why Martin thinks the highs will be here in the next few weeks on AgDay above.