Soybeans rocketed higher and corn saw decent gains in the wake of the September WASDE report. Cuts to soybean yields and harvest acres were bigger than expected, which provided plenty of support. Allendale commodity broker Greg McBride provided a breakdown of this month?s report.
McBride said the combination of lower U.S. ending stocks with a tighter supply out of Brazil lead to the big leap in soybean prices.
On the other side of the grains, McBride said the corn numbers came in about as well as expected.
The October WASDE report will also be important to keep an eye on. McBride said numbers from October will have a big impact on the markets since it?ll be the first report after the start of harvest.
Overall, McBride said the U.S. soybean crop should still turn out alright despite the weather challenges we?ve seen.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
