(Bill Tomson – AgriPulse)
Corn and soybean farmers hoping for a bullish crop report today had their hopes dashed by new predictions of strong soybean and corn yields that sent futures prices tumbling on the Chicago Board of Trade.
“This is a pretty big shock to the market,” said John Newton, the director for market intelligence at the American Farm Bureau Federation.
Market watchers were generally expecting the new forecasts in USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report to push yield estimates down for both crops, Newton said, but it was the exact opposite. Click here to read more.