News
Corn, soybeans and wheat each traded in tight ranges during low volume trade overnight. Soybeans favored the upside and wheat favored the downside modestly into the break.
Soybeans posted solid gains amid corrective buying overnight, while corn and wheat futures pulled back from last Thursday’s gains.
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Nearly every category topped the average pre-report estimates.
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.