Corn
Raised its global total grains carryover projection by 1 MMT from last month.
Most stressful conditions in Iowa and Minnesota.
Soybean acreage up 1%, all wheat acreage up 1% and all cotton acreage down 17%.
But slight expansion of drought noted in the Southern Plains.
Traders look for USDA to trim corn and spring wheat acreage from March intentions.
Corn demand headwinds and major global increases in supply will put producer margins under pressure this year, which will continue for the next three to five years.
Wet soils are making it difficult for farmers to spray cornfields for weeds such as kochia, the state’s agriculture department reports.
Chip Flory and Brian Grete discuss how traders are starting to pay more attention to new-crop fundamentals.
Showers continue to delay spring wheat planting.
USDA raises Brazil’s corn crop estimate based on increase in acreage.