USDA surprised the markets with planted acreage forecasts that were well below pre-report expectations. USDA pegged 2021 corn acres at just 91.1 million, up fractionally from the prior year while soybean acres were pegged at 87.6 million, up 5.4 percent. Both figures were well below the low end of pre-report estimates, giving the report an undebatable bullish implication. Another surprise was slightly larger than expected wheat acres (especially winter wheat) while sorghum acres were well below expectations. Indeed, WPI’s models have been consistently predicting 7.5-7.7 million acres of sorghum, which now looks to be too optimistic.
The “other” report of the day, USDA’s Grain Stocks report, was mostly...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
