USDA Seeding Intentions Report - Wednesday March 31

[charliep]

Just a note to get everyone paying attention to this Wednesday USDA seeding intentions report. The wild card in my mind will be US corn acres.

Others thoughts going in/actions that should be taken.

[charliep]

I will clip and paste the first comments on the USDA report a friend (Mike Krueger/Money Farm, North Dakota).

The USDA reports this morning can be considered positive for corn and wheat and slightly negative for soybeans. The soybean stocks estimate came in 38 million bushels higher than expected. Corn and wheat stocks were slightly smaller than expected.

In terms of acres, corn acres were much smaller than expected and soybean acres were larger than expected. Spring wheat acres were down about 500,000 from last year but not as small as I expected. I haven’t seen the actual breakdown of the numbers yet just the totals.

Soybeans are called sharply lower and that will drag corn and wheat lower on the opening. These numbers real not bearish corn and wheat in fact they are bullish new crop corn. The most negative number is the new crop soybean acreage estimate because it is a million acres larger than expected. That’s what high prices will do.

Expect a rather wild trading day.