IARN — Another month has come and gone.
Before we head into May, we reflect on April.
“It’s been a brutal month for American agriculture,” shares Jim McCormick, branch manager of Ag Market Net. It did, however, end on a positive note, with green across the board.
“We’re seeing a nice little bounce across the board. I think a lot of it is end of the month short covering. For the month, corn lost 31-cents, beans were down 41-cents, meal was down 29-dollars, and the crush margins were down almost 29-cents,” McCormick said.
McCormick hopes “this was the worst of it,” especially after having endured significant premium losses. He does expect markets to struggle lightly moving forward.
“We could struggle a little bit, specifically on corn, until we get the May WASDE out of the way,” McCormick said. “You’re going to see old crop ending stocks grow and we think new crop ending stocks could be somewhere around 3.3 billion bushels. I think we have to see that number printed and then the market can move past it,” McCormick said.
Atop of the World Agricultural Supply and Demand Estimates report, analysts will keep an eye on weather forecasts.
Story courtesy of the Iowa Agribusiness Radio Network.