Trade disappointed with WASDE Report

Overnight- Grain and oilseed futures are higher.

Yesterday’s WASDE report left the futures market wanting.

Both corn and soybeans lost 5 cents yesterday.

USDA added 25 million bushels to the soybean balance sheet and cut 50 million bushels from the corn balance sheet.

They did not change the South America production numbers.

So even though the corn report should have been a little friendly domestically the lack of change in South America gave the market pause.

We will now focus on planting progress and the macro landscape.

Bottomline

The price reaction to the report was not positive even though the numbers were not very bearish, and it is not like we are at high price levels. We are looking for better trade going into next week but first notice day for May futures is looming in 2 weeks. NFC Grain Comments Options -new (37)