This month?s CONAB had a bit of a reversal in it. We?re used to seeing drops in every report, but this report actually had some increases to the crop numbers. Allendale commodity broker Greg McBride said the worst of the worst has probably been through already.
Of course, this month?s CONAB report was largely overshadowed by the May WASDE report. McBride said it?s been mostly factored in at this point, but the marketplace is trading largely on outside factors anyways.
The war in Ukraine has had many consequences so far, and they extend far beyond just the market prices. There?s a bit of concern as to whether or not China could invade Taiwan now based on the precedent set by Russia. McBride said the potential market sanctions from that could throw a huge wrench in the global economy.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
