WASDE Surprise Oops, they did it again! The trade thought USDA would cut the soybean yield and instead the August WASDE increased it from July’s 51.5 bushels/acre to 51.9 bushels/acre. Reuter’s reporter Karen Braun says this is par for the course. The August WASDE often ends up having surprising numbers because the pre-report poll of analysts has missed the mark for the past 9-years. Though she notes that the outside analysts get the last laugh since they have been closer than USDA to the final season numbers more than half the time.
Pre-report, futures were trading soybeans up by 8-12 cents, meal by $7.50 to $8.50, and soyoil by 15-25 points. Post the report, beans were down more than a quarter, meal -$4.50 and soyoil...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
