News
Weekly corn and wheat inspections each topped pre-report estimates for the week ended March 28, while soybeans missed the low-end pre-report estimate by 86,000 MT.
Corn planting intentions and March 1 stocks came in lower than expected.
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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.
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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.
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Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.
Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.