Not all of USDA’s reports create a lot of excitement in the grain markets, but Tuesday’s highly-anticipated quarterly acreage and stocks reports certainly didn’t disappoint. Corn and soybean prices made substantial inroads both yesterday and today after data in the report triggered some technical buying and short-covering.
Among the key data points in those reports was the fact that USDA now estimates just over 92 million acres of corn were planted this year, versus an admittedly bullish estimate of nearly 97 million estimates at the end of March.
What happened to those 5 million acres? We take a closer look in this week’s podcast, along with some relevant soybean and wheat data.
We also investigate the odds for even higher prices as the season progresses. The latest weather forecasts offer some clues, but the crystal ball remains somewhat murky for now. Listen to the latest Midweek Markets podcast for July 1, 2020.