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Drought Overshadows USDA Reports

29 June 2012| Viewed 1571 times

Drought Overshadows USDA Reports

 Rabobank’s assessment of the USDA’s 29 June Acreage and Grain Stocks reports

The USDA Acreage and Grain Stocks report were both relatively neutral, which will leave markets continuing to trade on drought conditions in the US. Acreage estimates were raised for grains and oilseeds from the March Prospective Plantings report, but the market is far more focused on weather conditions and the potential impact to final yields. Grain stocks were roughly in-line with trade estimates showing no surprise to current season demand expectations.

Download Drought Overshadows USDA Reports