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.
