Following yesterday’s bearish Quarterly Grain Stocks report, this week’s export sales came in mixed for corn and soybeans. Allendale commodity broker Greg McBride said the corn sales are still behind the USDA’s expectations, which will likely cause a correction to be made in the October WASDE report.
On the other hand, McBride said this week’s soybean sales rebounded, but there are concerns over the fact that China is really the only purchaser of U.S. soybeans right now.
McBride said he could see the USDA making adjustments to the corn demand in the October WASDE report, but there are still questions over what will happen with the production and yield numbers moving forward.
As for the soybeans, McBride said there are also still yield questions lingering in the markets.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
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