Pre-report trading was lackluster in the beginning with values unchanged throughout most of the day with corn faltering late and soybeans climbing. Below are the estimates for tomorrow morning's report:
Corn Acres 88.9 mil vs 86.5 last year
Bean acres 78.5 m vs 77.5 ly
all wheat acres 53.32 vs 59.1 ly
Cotton acres 10.44 vs 9.15 ly
Grain stocks on Mar 1st
Corn 7.5 billion vs 6.95 last year
Beans 1.2 b vs 1.3 ly
Wheat 1.3 b vs 1.0 ly
As you can see the corn situation is negative with more stocks on hand and more acres planned on being planted. The weather outlook is looking good for getting field work done and some early corn planted. Soybeans are a mixed bag with supplies 100 million less than this time last year but an extra 1 million acres or 45 million bu more expected to be grown. Wheat acres should be dramatically lower while cotton economics have rebounded and so should acres.
Scott Meyer
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