Still Bearish, But Better Than Anticipated

Zaner Group ag hedge lead Ted Seifried says the May WASDE Report was slightly friendly for the corn market. “The old crop corn carryover came down by a 100 million bushels which was more than the trade was expecting,” said Seifried. “The first look at the new crop carryover came in a little bit below expectations at a 2.1 billion. These are all still rather bearish numbers, but less bearish than we were expecting.” In Seifried’s view, this report may pull the whole planting delay narrative back into the limelight.