Global Commodity Analytics and Consulting President Mike Zuzolo says the biggest surprise in the WASDE report was the increase in U.S. wheat ending stocks. “I know we’ve had a lot of movement on all the commodities globally. I just think with the beans stronger and the wheat weaker, it just looked like the good old fashion pre-WADE report by the funds, expecting a bigger supply in the wheat market and a smaller supply in the soybean market.” Zuzolo says USDA did raise the farm gate livestock prices. “Livestock is doing pretty good. I think this goes back to the USDA pumping up the expectations for the expectations for the price action. They increased cattle by two dollars and pigs by six dollars versus last month.”
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