Grains and Cattle Fade Early Rally: Grains Position Ahead of USDA Reports as AgMarket Releases Acreage Estimates

Grains fade the early rally ahead of month end and USDA Reports as AgMarket.Net releases its acreage estimates. Matt Bennett breaks it down.

Grains fade the early rally on profit taking and farmer selling but may also be positioning ahead of end of month and end of quarter, plus USDA’s reports. Matt Bennett, AgMarket.Net, has detail and we also talk about cattle futures fading some higher cash trade at $188 in the South.

AgMarket is pegging corn acreage at 91.5 million acres down 3.1 million from last year, with a 2.5 million acre increase in soybeans to 86.1 million. All wheat is down 3.4 million with the loss in fall planted winter wheat and spring wheat planting down due to lower prices. AgMarket partners believe the acreage gap will narrow between planted acres for corn and soybeans compared to the 11 million acre difference during 2023.

AgWeb-Logo crop
Related Stories
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
Read Next
The U.S. House approved legislation to allow year-round sales of E15 gasoline nationwide, aiming to lower fuel prices while facing pushback over potential refinery costs and the impact on the national debt.
Get News Daily
Get Market Alerts
Get News & Markets App