News

WASDE report “friendly” to commodity prices

A marketing specialist says the latest supply and demand report has pushed some commodity prices higher to start the week.

Jacob Burks with AgMarket.Net tells Brownfield, “Market reaction to the immediate response of what we saw on the balance sheet with old crop and new crop was a little bit was friendly. That’s that’s the best you could phrase that especially in the corn and beans. Wheat, again, had no positive news.”

Burks says he was closely watching adjustments to demand for the 2024-25 corn crop due to export pace and global trade uncertainty. “We thought they (USDA) could have increased it upwards to 100 million bushels. They came in an increased it 50 million bushels, which I thought was a pretty aggressive approach.”

He says farmers should be flexible when marketing their grain. “The lows have been put in on the corn, the soybeans are just now getting a positive trade talk. I think with the soybeans what I would be encouraging guys to do is be maybe aggressive with some type of minimum price strategy, buying a put, leaving the top side open just in case the weather throughout the growing season gives us a better opportunity.”

Burks says farmers can be aggressive with minimum price strategies if new crop corn can reach $4.60 per bushel area.

Jacob Burks: