IARN — The soybean complex had solid gains on WASDE Report day Wednesday, while corn and wheat futures were sharply lower.
The May WASDE Report was released by the USDA at 11 a.m. Central Time. Allendale commodity broker Greg McBride says it was mostly a “mixed bag.”
“A little bit better than expected on the old crop corn number,” said McBride. “We were looking for a 1.275 billion carryout. We got a 1.257 billion. The bearish side of things for corn is on the new crop side, 1.507 is where we are at. The average guess for this report was 1.344.”
McBride looks at wheat and soybean data.
“We were also higher than expected on old and new crop wheat,” said McBride. “No change to soybean ending stocks on the old crop. 140 million bushels on the new crop as expected. We are getting beat up a little bit in the corn and the wheat versus what the beans are doing.”
What should producers take away from Wednesday’s report? McBride offers advice to Iowa growers.
“If you are a producer, you should be looking at what you’ve got sold currently – whether it’s old or new crop – and make some marketing decisions,” said McBride. “Don’t overcommit actual cash bushels at this point.”
USDA’s May WASDE Report can be viewed here.
Story courtesy of the Iowa Agribusiness Radio Network.
Image source: USDA
