The hotly-anticipated prospective plantings and grain stocks reports were certainly market movers.
Corn stocks as of March first were 11 percent over last year, at 7.74 billion bushels. Soybeans stocks came in at 1.3 billion bushels, fully 34 percent over last year’s figure.
Farmers intend on planting 89.2 million acres of corn in 2015, 2 percent less than they did last year and the lowest planted acreage since 2010 if realized. Acres planted to soybeans are projected at a record 84.6 million acres, 1 percent more than last year.
The acreage numbers deviated from the trade average guesses going into the report; President of Roach Ag Marketing, Brian Roach says, "Corn acres came in larger than expected. We've got plenty of corn on hand, a little more than expected, and that will probably flow into the next USDA report that’ll suggest that."
He adds, "My sense of it will be that feed numbers are not as big as maybe they previously estimated, and so this will become a downward revision to corn demand. It’ll be an upward revision to bean demand, and the same for wheat, and I think the weather will become the bigger focus here, as we get into this week here and the following week, in terms of planting."