Grains quietly mixed early Wednesday, with hogs down and cattle higher.
Rich Nelson of Allendale says grains started lower and are quietly mixed awaiting tariff news and the USDA reports at the end of the month.
The big focus will be Prospective Plantings and Allendale is out with their annual acreage survey results which confirm higher corn acres at the expense of soybeans.
They survey shows corn planting intentions of 93.981 million acres, which would be up 3.4 million from 2024.
Using 91.23% harvested and 182.3 trend yields production of 15.633 billion would be realized.
This would record production and 767 million bushels over 2024. ‘
Nelson says that raises ending stocks on corn to 2.1 billion bu. verses the 1.54 billion bu. for this year.
Allendale’s survey shows soybean planting intentions at 84.283 million acres, down 2.8 million from last year.
Nelson says using 98.79% harvested and 52.7 trend yields production of 4.391 billion bushels would be realized. This would be 24 million over last year.
Wheat acreage is estimated at 45.863 million acres, down 0.2 million from last year.
Using 81.82% harvested and 50.1 trend yields production of 1.879 billion would be realized. This would be 92 million over last year.
Producers also told Allendale they were 77% sold on old crop 2024 harvested corn, the second highest in the last 10 years. New crop sales only totaled 10% complete.
Producers twere 83% sold on old crop 2024 harvested soybeans. That was above the 80% average of the prior 10 years. New crop sales only totaled 6% complete.
Cattle make more fresh for the move highs in live cattle and more all-time highs in feeder cattle, pushed by weather with a major winter storm hitting the Central Plains and three beef packing plants in Nebraska seeing limited processing.
Lean hog futures set back for a second day on profit taking after hitting chart resistance.
