USDA US farmers will plant less corn and soybeans than expected
As a result, the CME Group’s corn market sells at its daily limit (¢ 25).
At midsection, May corn futures are up 25% to 64 5.64 1/2. July corn futures are 25 25 higher at 5.47 dollars. New crop December corn futures 23 3/4 ¢ higher $ 4.76 1/2.
May soybean futures 64 64. ¢ Percent increase.3 14.31 1/2. July soybean futures 62 1/4% ¢ 14.20 1/2. There is more. New crop November soybean futures are up 65 percent at .5 12.51 3/4.
May wheat futures are up 15 પર at 16 6.16.
May soybean futures are at the short 16.60 short-term higher of 414.80.
Soybean oil futures are up 2.40 at .8 52.86. Is.
In overseas markets, the NYMX crude oil market is up +0.23 (+ 0.38%) at $ 60.78. The US dollar is lower, and the Dow Jones Industrial Average is up 25 points (+ 0.08%) at 33,092 points.
Anything over 180.3 million acres breaks the 2017 total planting record.
In its March Prospective Plantings report on Wednesday, the USDA announced the 2021 U.S. plan. Maize plantings stood at 91.1 million, compared to thes’ .8 million trade expectation and the USDA’s previous estimate of .0.0 million in February at the Outlook Forum.
For soybeans, the USDA looks at 2021 vs. 87.6 million planted area. Trade expectations are 89.9 million and the USDA’s Outlook Forum estimates 90.0 million.
Cultivation of all wheat.6 46..6 million Vs. Trade expectations and 44.’s7 million and USDA Outlook Forum estimates.0 45.0 million.
March 1 grain stocks
The USDA has estimated both the amount of grain stocks and the farm by March 1.
In its report, the USDA issued a report on March 1, 2021. Corn stocks vs. 7.7 billion bushels. The trade was estimated at 7.76 billion bushels.
For soybeans, the March 1 stock is trading at 1.56 billion bushels versus 1.54 billion bushels.
USDA U.S. Wheat stocks rose 1.31 billion bushels as of March 1.
Trade feedback
PRICE Futures Group, Jack Scoville says the USDA released a wild report and the uptrend reversed.
“The stock report was largely consistent with trade assumptions, slightly lower in corn and slightly larger in wheat with soybean dead estimates. Not much there. But the prospective plantings report was wild, far below trade assumptions for corn, pulses, and wheat,” Scoville said. Says.
“I’m not sure why the U.S. farmer doesn’t go to the fencepost, but he didn’t have a plan when he was surveyed. I’m not sure I believe the numbers, but that’s what we’ve got and we have to ride with them. Be limited now and maybe lock up today. We’ll be higher tomorrow. Let’s go down, just go back later. The uptrend is back, “says Scoville.
Jason Rouge of US Commodities says today’s USDA report tells the story of tight stocks.
“Today’s USDA No. Adding back premium with grain slap after reports of all important acres and stocks. The acreage is less than the expected acreage for both maize and soybeans. Rouge says the need for larger acres is needed in stocks at the bottom of multiple years, with a margin of error going into the spring, ”Roose says.
“Spring weather will be closely watched and acres will be added with higher prices, and exports will remain competitive with strong deals,” Roose said.
