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Power Hour: Can Thursday’s Reports be Bullish for Corn?

March 25, 2013
By: Sara Schafer, Farm Journal Media Business and Crops Editor
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Trader expectations are calling for a repeat in corn acres and a dramatic increase in soybeans.

On Thursday, USDA will release its annual Prospective Plantings and quarterly Grain Stocks reports. While data is released for all major crops, the focus is definitely on corn acres.

Brian Grete, Pro Farmer senior market analyst, says that based on pre-report estimates, traders are expecting corn planting intentions to be right in line with year-ago, while soybean acreage is expected to be 1.3 million higher. "

Given those expectations, it will be hard for corn to get a bullish number, in my opinion," he says. "Soybeans could get a bullish surprise, however, if planting intentions don’t signal any more acreage than year-ago."

Grete says the big question will be where the corn acres are located and at what crops are expensed for corn. "The wildcard could be how many corn and soybean acres are picked up across the South at the expense of cotton and rice," he says." Historically, increased acres in the South are not viewed by traders in the same light as acres in the Corn Belt. "

Market analyst Sue Martin says unfavorable weather is already causing concerns in some parts of the country. She says if cooler weather sticks around, corn acres may shift to beans.

Hear more from Martin in this AgDay story:

Register for Farm Journal’s Grain & Meat Outlook Webinar
Join Farm Journal, Pro Farmer editor Chip Flory and Dr. Tom Elam, President, FarmEcon, LLC, on Tuesday, March 26.

 

For More Information
AgWeb will continue its pre-report coverage of the March 28 Prospective Plantings report. Here are a few items to read now:

Prospective Plantings Preview: 10 Key States

Gulke’s Pre-Game Picks for the Planting Report

Preview of the Quarterly Stocks and Prospective Plantings Reports

Market Madness

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RELATED TOPICS: Corn, USDA, Power Hour - Marketing

 

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