Report Reactions
Corn plantings greatly topped expectations, while soybean acres fell well shy of the pre-report estimate.
Given the mostly neutral data, focus will now be on weather and USDA’s Acreage and Quarterly Grain Stocks Reports at the end of the month.
Winter wheat production and new-crop wheat ending stocks both came in well shy of pre-report expectations.
Traders expected USDA to cut its corn and soybean ending stocks forecasts after March 1 stocks came in lower than anticipated.
USDA made limited revisions to its balance sheets this month, as expected.
The data failed to move markets much from where they were trading ahead of USDA’s reports.
Dec. 1 stocks, final 2022 production estimates and ending stocks lower than expected for corn and soybeans.
USDA made no changes to the soybean or wheat balance sheets this month.
Wheat futures had the sharpest price reaction to the data. Soybeans initially traded lower but quickly bounced back.
USDA’s 2022-23 ending stocks forecasts came in higher than expected for corn and wheat, while projected carryover was lower than traders anticipated.