Corn is trading slightly higher this morning after 6 consecutive days of losses in the September contract as trade prepares for the stocks and acreage report at 11am central today. Planted acres are expected to be slightly higher than the March estimate.
In today’s USDA Grain Stocks and Planted Acreage report, estimates are that corn planted acres will come in at 90.353 million which would be slightly higher than the March planting intentions. US quarterly stocks estimates are at 4.873 billion bushels.
Forecasts remain mostly favorable for crops with the eastern Corn Belt in particular which has been dry having gotten rain this week and is expected to receive more over the next ten days.
Soybeans are trading higher along with corn this morning as they try to bounce following a new low for the year in November soybeans yesterday. Soybean meal is trading lower while soybean oil is higher.
In today’s Quarterly Grain Stocks and Planted Acreage Report, analysts estimate that the number of soybean planted acres will come in at 86.753 million which would be slightly higher than the March planting intentions. Quarterly soybean stocks as of June 1 are estimated to come in at 0.962 billion bushels which would be higher than last year.
While recent weather has gotten the soybean crop off to a good start, the crop is made in August, and some forecasts are calling for conditions to get hot and dry in the coming months as the La Nina pattern takes effect.
All three wheat classes are trading higher in the September month which will be the new front month with today being first notice day for July grains. Chicago wheat is leading the way as it bounces off recent lows.
Estimates for today’s Planted Acreage report have all wheat at 47.657 million acres with 34.197 of those being winter wheat and 11.34 spring wheat. Quarterly wheat stocks are estimated at 0.684 billion bushels.
Yesterday’s export sales report showed sales at the higher end of trade expectations at 24.5 million bushels. This puts sales 45% ahead of the pace from one year ago.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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