On Wednesday, USDA released it’s Prospective Plantings and Grains Stocks Reports at 11am CT. Below are highlights, commentary and links to the reports:
Both corn and soybean acres came in UNDER pre-report expectations. In a surprising move, USDA expects farmers to plant 91.1 million acres (ma) of corn and 87.6 ma of soybeans, both of which came in below pre-report expectations. Wheat acres, on the other hand, are expected to increase 5% to 46.4 ma, which is on the high end of analysts’ estimates. However, wheat is following corn and soybeans after the report with those markets trading limit higher in many contracts while wheat is up substantially as well. Grain stocks numbers came in as expected with corn stocks down 3 percent, soybean stocks down 31 percent and all wheat stocks down 7 percent.
Listen to commentary from Arlan Suderman of StoneX here:
Read the full Prospective Plantings Report here: https://release.nass.usda.gov/reports/pspl0321.pdf
Read the full Quarterly Grain Stocks Report here: https://release.nass.usda.gov/reports/grst0321.pdf
Chart courtesy of Professional Ag Marketing.