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
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Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
DuWayne Bosse of Bolt Marketing says the wheat market was trying to extend gains early Thursday but may be getting close to pricing the Black Sea export disruptions in.
Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
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