USDA surprised the market with bullish Grain Stocks and Acreage reports that sent futures sharply higher by Wednesday’s close. Grain stocks were well below pre-report expectations and analysts similarly over estimated U.S. corn and soybean acres. The bottom-line from the reports is that the U.S. grain supply pipeline is low right now and will remain so unless the U.S. summer growing season features exceptionally beneficial weather.  It’s hard to say whether the corn or soybean acre figure was the bigger surprise. Compared to pre-report estimates, soybean acres were a bigger “miss” than corn (the average soybean estimate was 3 percent above USDA’s actual versus 1 percent for corn), but corn estimates had a...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, North America, South America