USDA will release the April World Agricultural Supply and Demand Estimate or WASDE report Friday at 11 a.m. central time. Bennett Consulting president Matt Bennett says the April WASDE is usually not a market mover. “I think there’s a lot of positioning ahead of the report. The carry outs may look differently on Friday, especially for corn. I don’t know if soybeans will change much, but for corn, this could flash 250 million bushels.” Weather will play a bigger role for the markets than the WASDE report. “It may be dry in crop growing areas, despite the rain. There’s angst, because there’s not a lot of weather premium there. What would happen in the markets if we had a hot June and July? For corn and soybeans the obvious answer is we’d be headed higher.”
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