May WASDE Report
Yesterday the USDA released their May World Agricultural Supply and Demand Estimates, aka the WASDE Report. As we reported earlier this week, the corn numbers were expected to be very large, but analysts hoped most of that was already priced into the market. Apparently this was the case. The corn estimates were large, but the market still ended the day up $0.03 ½ on the July board, and new crop was up a penny.
Here’s more from Scott Shellady.
Shellady… “The WASDE report that we get once a month, when you kind of take a look at what we got, we got yield for corn up, ending stocks up, production up. So you wouldn't think that that's going to be very good for the market, but you know what? It's telling me that this market really has kind of seen its down days in the rear view mirror here and it's held in there and that's pretty good. That's very good. Now we've got some more work to do because that chart doesn't look very good, but the market's actually trading very healthy, considering the numbers of the got today.”
In other markets:
Chicago July Wheat futures yesterday closed down $0.02 ½ to $5.14 ½.
Live Cattle futures were jumped $4.50 on the June board to $97.17 ½. Feeder Cattle for August also with a strong day, up $3.07 ½ to $135.75.
Class III milk yesterday up $0.17 to $14.60.