Search - AgWeb

USDA reports stocks of corn, soybeans and wheat have fallen.

USDA estimated that U.S. growers will plant 97 million acres of corn this spring, an 8% increase over 2019, but analysts say recent sharp declines in ethanol production make it doubtful that number will hold true.

The drastic shift in prices from planting to harvest likely has farmers thinking a little differently about next year’s strategy than perhaps they expected.

Chicago wheat futures hit a two-month low on Tuesday, pressured by improving U.S. winter wheat crop ratings, strong export competition and rising estimates of Australia’s harvest, analysts said.

January soybeans were up 6 cents at $11.75-3/4 a bushel after peaking earlier at $11.89-3/4, the highest for a most-active contract since June 13, 2016.

The trade is trying to figure out just how much corn will get harvested this year, which Pro Farmer’s Brian Grete is calling the “impossible puzzle.”

AgWeb.com will have full coverage of USDA’s March 29 reports, following the 11 a.m. Central Time releases.

As the week begins, Brian Splitt, a broker with Allendale Inc., and Tommy Grisafi, branch broker of Advance Trading, are talking to AgDay host Clinton Griffiths to discuss what they’re watching in commodity markets.

USDA’s June Grain Stocks report shows 2.12 billion bushels of corn are currently being stored on farm, up 22% from a year ago. On-farm soybean storage is up 51%.

The top exporters of Ukrainian wheat today are the Russians. Count it as one more injustice in Vladimir Putin’s cruel war of conquest.