USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.
Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.
Corn and soybeans each favored the downside overnight, with corn leading the way lower. Wheat showed relative strength and went into the break near unchanged.
Corn, soybeans and wheat each faced mild price pressure in a relatively quiet overnight session. Trade so far this week has been largely positioning ahead of Thursday’s USDA reports.
State-level winter wheat condition ratings signaled more general improvement in the HRW crop over the past month, despite a minor downtick in top producer Kansas.
Corn inspections during the week ended March 21 totaled 1.228 MMT, down nearly 100,000 MT on the week but more than double the same week a year-ago. Meanwhile, soybean inspections rose 68,000 MT on the week.
Corn traded in a tight range overnight while soybeans and wheat favored the upside. Volatility is likely to remain limited in corn until Thursday’s USDA reports.
Weekly wheat sales were reported at (109,600) MT for the week ended March 14, which were down noticeably from the previous week. Corn and soybean sales were as expected.