There’s plenty of green on the grain market screen as the corn and soybeans react to the November World Agricultural Supply and Demand Estimates (WASDE) report today, but the USDA will still likely have to make some significant adjustments in future reports to keep things from getting out of hand. Allendale commodity broker Greg McBride said the corn numbers are helpful for now, but the markets aren’t in a stable place yet.
McBride said the increase to soybean exports was a major contributing factor to the nearly 40-cent rally the marketplace saw after the release of the report.
However, McBride said there are still plenty of concerns about the long-term demand picture for U.S. soybeans.
While it is still early in the marketing year, McBride said there are a lot of concerns over corn demand as well.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
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