Planters have begun to roll across the central U.S., and USDA has taken note.
Last week, the agency released its hotly anticipated prospective plantings report, which sent corn and soybean prices soaring limit up on March 31. This Monday, USDA released its first crop progress report of the 2021 season. And this coming Friday, the agency will put out its monthly World Agricultural Supply and Demand Estimates (WASDE) report.
Recent grain price volatility just goes to show – there are still a lot of factors up in the air right now. Will U.S. farmers really plant 91.1 million acres of corn and 87.6 million acres of soybeans this year? Can Brazilian farmers really capture a 5-billion-bushel soybean harvest this season? Is a new “just in case” strategy beginning to emerge for the global supply chain?
We tackle all of these questions and more in the latest Midweek Markets podcast.
Listen to the latest Midweek Markets podcast for February 24, 2021: