Corn futures fell after the May USDA National Agricultural Statistics Service (NASS) World Agricultural Supply and Demand Estimates (WASDE) report was released Wednesday morning. That’s largely based on a fairly static crop size estimate combined with an expected decline in corn export demand. The opposite was true for soybeans; Wednesday’s WASDE report showed continued surging export demand, mainly to China, and combined with expected production shortfalls in the U.S. and other key soybean-growing regions, the market reacted with double-digit price gains. Winter wheat futures followed corn prices lower Wednesday after the WASDE report showed strong and improving crop conditions. Moving forward, crop weather in the U.S. and abroad — specifically how drought could affect crop establishment at home and in major competitors like Brazil — will be key variables to watch as U.S. corn and soybean planting races to its finish line. See more on Wednesday’s report.
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