It was a busy day in the ag marketplace as the USDA released its Quarterly Grain Stocks and Prospective Plantings reports. While both had at least a hint of bearishness, some of the numbers from today will create interesting situations to monitor in the future. Allendale commodity broker Greg McBride started us off on the phone today by running down the numbers from the quarterly stocks.
The Prospective Plantings report was more mixed. McBride said that corn was slightly bearish and soybeans were slightly bullish, but both came within estimates.
Neither report really weighed more on the markets than the other. McBride said the markets reacted fairly appropriately to both reports today.
The Quarterly Grain Stocks report focuses on old crop grain, while the Prospective Plantings report focuses on new crop. McBride said that gave different commodities- and even different contracts- unique things to factor in to the prices.
McBride also provided some advice for Iowa producers as the markets digest this information.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
