Planting Intentions and Quarterly Stocks 

Mar 28, 2024

Planting Intentions and Quarterly Stocks Commentary
The USDA surprisingly pegged corn acres at 90.036 million, average trade guess was 91.776.  Stocks came in lower than the average trade guess by 80 million bushels, highlighting the decent demand we have seen.  Currently corn up 13c.
Soybean acres came in at 86.51 million, slightly lower than the average trade guess of 86.53.  Stocks were above the average trade guess by 17 million bushels.  Soybeans down 5 c.
USDA had all wheat acres at 47.498 million, above the average trade guess of 47.33.  Winter wheat acres were pegged at 34.135 million vs the average trade guess of 34.87.  Wheat up 4 c.
Bottom Line
USDA does its best to surprise again.  Leaves the trade scratching their heads at where the missing acres went.  These acre numbers certainly leave us less margin for error here in the U.S. this summer if they hold, still hard pressed to be bullish corn long term. 

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