By Matt Reese
USDA’s planting intentions report has corn up 4% from 2011
USDA expects a large acreage for corn in 2012 in the Prospective Plantings report that had traders scrambling prior to its release.
“The long awaited USDA planting intentions report and grain stock report has finally been released. In the days preceding the report, corn fell off 52 cents,” said Doug Tenney, with Leist Mercantile in Pickaway County.”Traders have been extremely nervous as they have been liquidating positions in an attempt to reduce risk heading into the March 30 reports.”
So far, the markets appear to be responding.
“Calls are all over the spectrum heading into the 10:30 opening,” Tenney said. “Corn is called 5-10 cents higher, other calls have corn 20-30 cents higher.
Soybeans are called 30-40 cents higher.”
Driven by favorable prices, U.S. farmers intend to plant 95.9 million acres of corn in 2012, up 4% from 2011, according to the report released today by the U.S.… Continue readingRead More »