There’s a Story for Wheat and Corn

Reflecting on Thursday’s USDA World Agriculture Supply and Demand Estimate (WASDE) report, Global Commodity Analytics and Consulting President Mike Zuzolo says USDA didn’t give the seller a reason to add to his position. “Looking at wheat, if there’s a stronger Russian ruble and a weaker U.S. dollar, that does as much to me to counterbalance the wheat ending stocks number being higher as anything else can.” Corn could have a story, too. “We saw world ending stocks of wheat and corn jump. Both were above trade estimates,” says Zuzolo. “By the same token, there’s a lot of information that will be released in May. We’re probably looking at more production cuts in corn when it comes to the South American crop.”