Market steady before USDA WASDE report
May 11, 2017
Markets have remained steady after a hike last week due to heavy snow across the US Plains. Despite initial thoughts that the unseasonal weather event could downgrade yields considerably and wipe-out up to 25% of production, a timely annual crop tour across Kansas undertaken just days after the snow has scouts still estimating an above average crop due to good soil moisture.
While damage is still being assessed, particularly where stalks have snapped, and it is believed that some crops will be lost, it will still be some time before the extent of this is realised.
While the market has settled for now, we await the outcome and digestion of the latest USDA World Agricultural Supply and Demand Estimates (WASDE) due out tonight local time.