Today's USDA reports offered something for everyone, but there were some very significant surprises. The first and most bearish surprise was that U.S. farmers said they would plant 95.9 million acres of corn. The trade was expecting at least 95 million acres, but 95.9 is a big number. There were three bullish surprises in today's numbers:
1 March corn stocks were 141 million bushels below the average trade estimate. This number should mean that corn ending supplies in the current marketing year will drop from 801 million bushels to 650 million or so in the April WASDE. That assumes USDA does not reduce demand going forward (which should be unlikely given the pace of export sales and ethanol production). Ending supplies of fewer than 7...
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...
