After skipping the October update due to the U.S. government shutdown, this morning’s USDA World Agricultural Supply and Demand Estimates (WASDE) report was much anticipated by traders and farmers alike.
While bearish news abounded ahead of the report, especially on the corn side, many were hoping that added yield would be balanced by decreased acres to help off-set what could have been a massive slug of crop to chew through. To that end, Angie Maguire, vice president of grain for Citizens, LLC, based at Charlotte, Michigan, explains in this RealAg Markets piece, that while you can’t call the WASDE report bullish, it sure could have been far worse for corn.
In the interview below, Maguire walks us through the market reaction to the report, why soybeans moved on the upswing and corn held steady, but also cautions about expectations moving forward. Plus, she offers some insight into the impact a two month gap in the WASDE reports had on market sentiment. All that and more in this edition of RealAg Markets.
If you cannot see the embedded player, click here to hear the interview.
Click here to view the full USDA report.