Markets - General
What might next week hold in store?
Despite a soybean carryover number lower than market expectations in today’s World Agricultural Supply and Demand Estimate (WASDE) from USDA, market reaction was muted with beans only up a quarter cent on the day.
As corn and soybean prices continue to trade in a narrow range, it’s easy to ignore the markets—don’t!
The long corn/short bean spreaders were caught again leaning the wrong way and the exit door wasn’t big enough to let long corn folks out quick enough.
It’s been almost a week since the USDA released its January crop production and World Agricultural Supply and Demand Estimates (WASDE) reports, showing a big corn crop became bigger and record-setting at 176.6 bushels per acre.
When the January crop production and World Agricultural Supply and Demand Estimates (WADSE) reports were released, U.S. Farm Report conducted a Twitter poll to see how, if at all, farmers would adjust their planting intentions for the spring after corn yielded a record high 176.1 bushels per acre.
Chicago wheat futures hit a two-month low on Tuesday, pressured by improving U.S. winter wheat crop ratings, strong export competition and rising estimates of Australia’s harvest, analysts said.
Winter wheat planting has been slow this fall and several factors may help push prices higher into the new year.
As much of the Plains thaws out from the winter weather that gripped the country last week, concerns are continuing to sprout about potential damage to winter wheat.