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All eyes on the August WASDE

The vice president of Nebraska-based Moving Parts, LLC says the commodity market will soon get its first official look at the size of the current U.S. crop.

Scott Custard says he expects the USDA’s August supply and demand report to show production down from last year.

“We’re setting ourselves up for probably a 16-billion-bushel corn crop.”  He says, “The bean crop is the one that’s maybe a little more concerning because we have a tighter balance sheet. The wheat balance sheet is already tight. We’re going to be a couple hundred million bushels lower than where we were a year ago.”

He tells Brownfield, “They’ve changed their methodology up about five years ago.”  He says, “They don’t have any boots on the ground for this coming WASDE. It’s more computer and model based. That first big boots on the ground will come in September.”

Custard says the August report is not typically a major market mover.  It’s scheduled for release on August 12^th at noon Eastern / 11am Central.

AUDIO: Scott Custard – Moving Parts, LLC