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Weekly wheat sales during the week ended March 27 were more than triple the previous week’s figure, exceeding the pre-report range, while corn and soybean sales rose 13% and 21%, respectively.
Corn, soybeans and wheat each favored the upside in overnight trade with corn and wheat leading the way higher, extending yesterday’s report driven gains.
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Corn acres come in above expectations
USDA estimates 95.326 million corn acres will be planted this spring, nearly a million acres above the average pre-report estimate. Soybean and wheat plantings were slightly below expectations. March 1 corn stocks met analysts’ expectations, while wheat and bean stocks were slightly above.
Markets keened in on Monday’s reports for most of last week with fresh catalysts at hand.
Soybeans saw modest strength overnight while corn and SRW wheat traded near unchanged.
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Soybeans saw strength during most of the overnight session, corn pivoted near unchanged while wheat saw relative weakness, particularly HRW contracts.