By Doug Tenney, Leist Mercantile
USDA numbers on March 31 include U.S, Prospective acres and U.S. quarterly grain stocks as of March 1. U.S. acres: corn 89.49 million acres, soybean 90.96 million acres, and all wheat 47.35 million acres. U.S. grain stocks: corn 7.85 billion bushels, soybean stocks 1.931 billion bushels, and wheat stocks 1.02 billion bushels.
Finally it is a USDA report day which has been on everyone’s radar for weeks. This report day has a long history of extreme volatility. The roller coaster ride for grain prices in the first 30 minutes following the report release could easily be violent. Many refer to this USDA report day as ranking in the top three report days of the entire year. End users are behind in getting forward coverage in place. If corn and soybean numbers are bearish, end user pricing could cushion the negative news.
Just after the noon report release, corn was up 22 cents, soybeans down 12 cents, and wheat up 15 cents.… Continue readingRead More »