Report Reactions
Corn acres come in above expectations
Corn plantings and June 1 stocks topped expectations.
Market focus will remain on U.S. and global weather as traders await acreage and grain stocks data at the end of June.
Grain futures extended gains after the report, while cotton increased losses.
Markets had a muted reaction to USDA’s April Supply & Demand Report.
Corn planting intentions and March 1 stocks came in lower than expected.
Domestic ending stocks were unchanged for corn and soybeans, higher for wheat and lower for cotton.
USDA unexpectedly increased corn ending stock and raised soybean carryover more than anticipated.
Most of the data was bearish compared to pre-report expectations.
USDA cut corn, wheat and cotton ending stocks, while leaving soybean carryover unchanged.