The January WASDE report was expected to bring bearish news to the grain markets, but we actually ended up seeing some bullish price action. The USDA made cuts to ending stocks and harvest acres for corn and soybeans, which were the primary forces behind the upward action. Allendale commodity broker Greg McBride provided a breakdown of this month?s WASDE report.
The wheat markets also saw some nice price gains today. McBride said there was one thing in particular from an overlooked report that caused that to happen.
With such a large amount of data suddenly dumped onto the marketplace, it can be tough to figure what to do with your grain. McBride said now?s a good time to take advantage of the short-term friendliness.
Next month?s report won?t be as important to look at, but McBride said March will bring more important information to the ag marketplace.
McBride also provide some further advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
