Mike Pearson takes a look at the Perspective plantings report and the quarterly grain stocks report released March 28 and how it will impact the markets today when markets reopen.

Trading in the corn market turned bullish Thursday after the release of the two closely watched reports-- Perspective planting and quarterly grain stocks report.

On both reports, the data was friendlier to the corn market than anticipated.

For example, the perspective planting report showed farmers will only plant 91 million acres-- over 4 million acres shorter of 2023. The report showed analysts that they were also in correct as farmers say 2 million acres less than they anticipated.

Additionally, the quarterly stocks report came in lower with 90 million bushels of corn -- the tighter margins and less storage in the countryside pushed corn futures 20 cents higher.

If corn acres are declining than what are farmers going to plant. Well, the survey says soybeans.

Soybean planted acreage is expected to climb by 3 million acres- analysts had expected the switch due to higher input costs and tightening higher input costs and tightening margins to push farmers to make the switch.

However, everything combined pushed soybean futures lower through the close of markets Thursday.

The wheat markets saw no really big changes. Farmers did say they will plant 400,000 more acres of wheat than anticipated. This did push wheat future contracts into the green.

Cotton growers say they will plant 600,000 fewer acres in 2024 which was less than anticipated.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.