March 29,2024
This week’s USDA reports on planting intentions and quarterly stocks shook up US grain markets, albeit with varying impacts.
Corn: Planted acreage for the 2024/25 season fell below trade expectations, pushing corn prices up by $6 per metric ton on Thursday. However, higher-than-expected corn stock estimates tempered further price increases.
Soybeans: Planting intentions were closer to trade forecasts while ending stocks came in lower. This balancing act resulted in minimal price changes for both soybeans and soymeal.
Wheat: According to the USDA, winter wheat stocks dropped significantly, falling below even the lowest trade estimates. This news increased winter wheat prices by $4 per metric ton, while spring wheat prices slightly declined.
Holiday Market Quietude: With Easter week upon us and some countries observing holidays on Friday and/or Monday, US grain markets are experiencing lower trading activity due to the shortened work week.
