After last week’s reactions to the United States Department of Agriculture’s (USDA) World Agricultural Supply and Demand Estimates (WASDE), today’s round of reports was a little more vanilla, maybe even a little disappointing.
Starting off with the Export Inspections report, we saw all the grains bring in some disappointing numbers. Zaner Ag Hedge Market Strategist Brian Grossman breaks the report numbers down.
Grossman tells us 40% of the soybean export numbers were shipments to China, which is not in the norm for this time of the year, whether we would be in a trade war or not.
Grossman says the surprise today was in the NOPA Crush report. The crush number for May was eight million bushels less than the markets were expecting.
Grossman says the higher prices on beans were not a factor in May, so this number is a bit of a head scratcher and may set off some red flags
As we head into a traditional downtime in the markets, we may be in for an interesting ride.