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AgDay TV Markets Now: Matt Bennett, AgMarket.Net discusses where ending stocks and prices project to for corn and soybeans after USDA’s shocking shift in acres.
USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.
USDA’s June Acreage and Quarterly Stocks reports resulted in a bullish surprise for soybeans and bearish news for corn. In an already volatile grain market, the supply situation is problematic.
Hurricane-force winds swept from northern Missouri and Iowa all the way east to Illinois and Indiana. The derecho brought wind gusts up to 100 mph, flattening cornfields, but it also drenched soils with crucial rains.
Soybeans ended sharply higher with a 4 ma cut so where does that put ending stocks? Corn picked up another 2 ma so will that be offset by yield? Cattle soared on the lower corn. Matt Bennett with Ag Market.Net.
USDA reports had a bullish surprise for soybeans w/around 4 million less acres & lower stocks, but bearish for corn with 94.1 ma. Wheat acreage and stocks slightly lower acreage. John Heinberg, Total Farm Marketing.