Today’s USDA acreage and stocks numbers didn’t contain any big surprises, but there were a few small ones.Today’s USDA acreage and stocks numbers didn’t contain any big surprises, but there were a few small ones.
Soybean acres were expected to get bigger than the 31 March number, but they were left unchanged. Corn acres were expected to drop, and they went up 1 million acres. Spring wheat acres declined more than the average trade guess but in line with WPI’s estimate. 1 June corn stocks were 100 million bushels above the average trade guess. 1 June soybean stocks were 20 million bushels below the average trade guess. 1 June wheat stocks were bigger than expected.
The corn and soybean markets will now be all about July and August...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Key Market Insights Macro markets delivered a full whipsaw today. Early in the session, crude oil had rallied back above $100/barrel as traders priced renewed concern over the U.S.-Iran standoff and potential supply risk through the Strait of Hormuz. That strength helped pull grains off their o...
