AgriTalk After The Bell: Corn, Bean Acreage Tally May Climb

April 2, 2018 04:10 PM
 
 

Thursday’s sharp gains in corn and soybean prices in reaction to the lower-than-expected corn and soybean planting intentions estimates gave way to pressure on bean prices today. Matt Bennett from Bennett Consulting told Chip Flory on Monday’s AgriTalk After the Bell that some of today’s price pressure may have been because many traders simply don’t believe bean plantings will be capped at 89 million acres this year. However, Bennett also warned, “We can’t ignore the March 1 bean stocks.” March 1 bean stocks came in 80 million bushels heavier than the average pre-report trade estimate, suggesting USDA has underestimated the 2017 bean crop.

Bennett explained the same is true for corn… with March 1 corn stocks about 180 million bushels above trade expectations, it could be a signal the 2017 corn crop was even better than USDA estimated in January.

And for both corn and soybeans, Bennett told Flory, “I guess I wouldn’t be surprised if both corn and soybean planted acres work to the upside yet this spring.”

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