Written Commentary
USDA WASDE PRODUCTION HIGHLIGHTS
Today’s USDA data was neutral for corn, while neutral to a bit supportive for soybeans and wheat.
Corn:
- Mch 1st stocks at 9.024 bil. Bu. was 80 mil. below expectations however up 875 mil. from year ago
- Planting intentions at 95.338 mil. acres were down 3.45 mil. from YA, however nearly 1 mil. above expectations
- Acres still the 2nd highest in the past decade as surging input costs did drive away as many acres expected
- The top 4 producing states all saw reduced acres, IA – 3.3%, IL – 2.7%, NE – 4.2%, MN – 3.4%
- Principal acres to major crop expected to decline 1.5 mil. to 310 mil. the lowest in 6 years
Soybeans:
- Mch 1st stocks at 2.104 bil. Bu. was 40 mil. above expectations and up 194 mil. from year ago
- Planting intentions at 84.70 mil. acres were down 3.485 mil. from YA, 850k below expectations
- The top 5 producing states all saw higher acres, IL + 1.9%, IA + 4.8%, MN + 2.1%, ND + 2.3%, SD + 9.8%
Wheat:
- Mch 1st stocks at 1.30 bil. Bu. was 10 mil. below expectations and up 63 mil. from year ago
- All wheat acres at 43.775 mil. were down 1.55 mil. from YA and 1 mil. below expectations
- Winter wheat acres at 32.41 mil. were down 580k from the Jan-26 report and down 743k from YA
- Winter wheat acres are a 6 year low
- Spring wheat acres at 9.415 were 428k below expectations and down 575k from YA
- Durum acres at 1.95 were 100k below expectations
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