May WASDE Could Be Catalyst For Letdown in Beans, Futures at $9

As a new month begins, there’s new things to watch.

soybeans
soybeans
(AgDay)

As a new month begins, there’s new things to watch.

For Tommy Grisafi, commodity risk management advisor at Advance Trading Inc., his concern is what leg new crop corn has to stand on when it comes to the bushels coming out of South America.

Brian Splitt of Allendale, Inc., thinks the new month could be a “letdown” for soybeans.

Watch Grisafi and Splitt discuss markets with AgDay host Clinton Griffiths on AgDay above.

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Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
A rare, late-season cut of 1.6 bu. per acre to the national corn yield dropped ending stocks to 1.758 billion bushels, while stronger export demand trimmed soybean carryout despite record yields across the Western Corn Belt.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
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