Reflecting on Thursday’s USDA World Agriculture Supply and Demand Estimate (WASDE) report, Global Commodity Analytics and Consulting President Mike Zuzolo says USDA didn’t give the seller a reason to add to his position. “Looking at wheat, if there’s a stronger Russian ruble and a weaker U.S. dollar, that does as much to me to counterbalance the wheat ending stocks number being higher as anything else can.” Corn could have a story, too. “We saw world ending stocks of wheat and corn jump. Both were above trade estimates,” says Zuzolo. “By the same token, there’s a lot of information that will be released in May. We’re probably looking at more production cuts in corn when it comes to the South American crop.”
