The most recent WASDE numbers were released Tuesday. Joe Vaclavik, President of Standard Grain in Chicago, said the corn and soybean numbers were the biggest surprise. Both, he said reported higher numbers compared to the August prediction.
“That was not expected. I think the vast majority of trade had expected smaller yield numbers versus august. So, this is two month in a row that the government has surprised us with some bigger numbers. In the grander scheme of things, we’re left with a supply and demand scenario that in the corn market is pretty burdensome. At face value, it limits the potential upside in the market”
Vaclavik said there was a note that these figures were complied before the hurricanes, so he’s expecting numbers to be adjusted in September.
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