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.
