Markets Now Special: Meteorologist Eric Snodgrass says recent storms improve drought outlook and Mississippi River water levels. Plus, Brazil rains return in the extended forecast.
Markets Now Special: Eric Snodgrass says Recent Storms Improve Drought Outlook, Brazil Rains Return
Markets Now Special: Meteorologist Eric Snodgrass says recent storms improve drought outlook and Mississippi River water levels. Plus, Brazil rains in extended forecast.
January 18, 2024 05:33 PM
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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.
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.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
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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.
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