USDA will release the April World Agricultural Supply and Demand Estimate or WASDE report on Friday. Chiodo Commodities President Marc Chiodo is unsure how much attention this report will get. “I don’t see a lot of rhyme or reason as to why we are swinging the spreads back and forth so hard. We need more acres in and I don’t know if it’s too late to buy them. The back months need to keep pace.” Chiodo doesn’t think USDA has a lot of wiggle room in the ending stocks numbers. “The farmers I talk to are happy the margins are working, but at some point, we’ll get overbought, but for now it’s working.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.