Farm Progress

Wheat carryout could fall, but corn number may disappoint

February 24, 2017

1 Min Read

Grain futures are trying to bounce back from heavy selling Thursday, when losses were in part triggered by a bearish forecast for 2017 soybean acreage from USDA. The agency put plantings at 88 million at its Outlook Forum, confirming fears for a big boost. Rising estimate of South American production also weighed on sentiment. Soybeans are trying to reverse higher overnight, with corn also firm. USDA said 2017 corn carryout could fall, but not by as much as the trade expected. Wheat ending stocks could approach 900 million bushels, a friendly number that’s so far having little impact on the market.

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Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs.

 

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