The week was volatile as traders came into the end of the month and end of the quarter. Friday was a tipping point as USDA released the quarterly stocks and planting intentions report. USDA expects US farmers to plant 92 million acres. That was more than a million acres above trade expectations. That was offset with a somewhat friendly stocks report that came in roughly 70 million bushels smaller than expected, supporting my argument for higher feed usage. Soybean acreage came in at 87.5 million acres, essentially unchanged on the year, but 742,000 acres below trade expectations. March 1 soybean stocks came in at 1.685 billion bushels, which was well below the trade at 1.742 billion. Wheat acres came in above expectations, as USDA “found” more winter wheat acres – more than a million more. Wheat stocks were near expectations.
Catch Darrell Holaday’s take on the reports and the week’s trade here:
