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Midweek Markets: How WASDE moved the needle

Corn and wheat prices fell after today’s report, while soybeans held firm – but why?

USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report typically makes some impact on the grain markets on the day it is released – and the latest report was no exception. Corn and wheat prices slumped lower today, while soybeans climbed another 1.75% higher.

What were some of the underlying supply and demand data points that created this uneven shift in grain prices today? How are U.S. export prospects moving forward? And will corn and soybeans be able to achieve trendline yields in 2021, which is USDA’s current assumption?

We talk through these questions and more as we try to untangle the most important pieces of this month’s WASDE report.

Listen to Midweek Markets podcast for May 12, 2021:

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About the Author(s)

Jacqueline Holland

Grain market analyst, Farm Futures

Holland grew up on a dairy farm in northern Illinois. She obtained a B.S. in Finance and Agribusiness from Illinois State University where she was the president of the ISU chapter of the National Agri-Marketing Association. Holland earned an M.S. in Agricultural Economics from Purdue University where her research focused on large farm decision-making and precision crop technology. Before joining Farm Progress, Holland worked in the food manufacturing industry as a financial and operational analyst at Pilgrim's and Leprino Foods. She brings strong knowledge of large agribusiness management to weekly, monthly and daily market reports. In her free time, Holland enjoys competing in triathlons as well as hiking and cooking with her husband, Chris. She resides in the Fort Collins, CO area.

Ben Potter

Senior editor, Farm Futures

Senior Editor Ben Potter brings more than 14 years of professional agricultural communications and journalism experience to Farm Futures. He began working in the industry in the highly specific world of southern row crop production. Since that time, he has expanded his knowledge to cover a broad range of topics relevant to agriculture, including agronomy, machinery, technology, business, marketing, politics and weather. He has won several writing awards from the American Agricultural Editors Association, most recently on two features about drones and farmers who operate distilleries as a side business. Ben is a graduate of the University of Missouri School of Journalism.

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