USDA Reports
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!
USDA’s end-of-March Prospective Plantings report always brings a few surprises. This year will likely be the same.
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.
After all the hoopla about this morning’s USDA reports, we know one thing: They are outdated and they will change. Let’s look beyond the published numbers.
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.
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The trade is trying to figure out just how much corn will get harvested this year, which Pro Farmer’s Brian Grete is calling the “impossible puzzle.”
AgWeb.com will have full coverage of USDA’s March 29 reports, following the 11 a.m. Central Time releases.