What You Need to Know Today:

The surprises from the USDA’s Acreage report were a sharp reduction in winter wheat area from the March Prospective Plantings estimates and a larger-than-expected increase in corn area. The Grain Stocks report offered relatively few surprises, but quarterly disappearance for corn and soybeans was firmer than expected and supportive. The Trump administration plans to provide up to $500 million in subsidies for small and medium-sized beef packers (excluding the “big four”). Tuesday’s technical trade points to the beginning of the end of fund selling with several grain markets posting reversals or near-reversals on the charts. Markets are now shifting to trade weather for the 2026 crops nea...