Quarterly Corn Stocks
There was nothing friendly to the Quarterly Corn Stocks data; 8.888 billion bu. – 182 million bu. above trade consensus and 266 million bu. above one year ago – I do think the big Stocks figure will allow the USDA to adopt the lower SA Corn crop production data using the idea that the US will be able to handle the shortfall
Planted Corn Acres
Just flat out bullish; 88.026 million acres – down 2.141 million acres vs. last year and 1.394 million below trade consensus – if the acreage number stays this low it will make the corn futures market ultra-sensitive to any problems to any part of the growing season
Quarterly Soybean Stocks
There was nothing friendly to Quarterly Soybean Stocks figure; 2.107 billion bu. – 77 million bu. above trade consensus and 368 million bu. above one year ago – this is more than enough to handle any additional crush that may come our way due to the shortfall in Argentina
Planted Soybean Acres
Yes, we are finally planting more acres to soybeans, 88.982 million, vs. corn. – 1.16 million acres below one year ago and 2.074 million below trade consensus – I’m not sure everyone will want to believe a number this low but if it stands soybean futures, like corn, will become very sensitive to any type of problems that may develop during the growing year.
Quarterly Wheat Stocks
As far as I’m concerned this figure, 1.494 billion bu., was a none event as it was pretty much in line with the trade consensus
Planted Wheat Acres
Without a doubt its bearish – 47.339 million total acres – 1.042 million above trade consensus and 1.327 million greater vs. one year ago – the majority of the increase came in the Spring wheat acres; 1.618 million acres above one year ago and 1.127 million above trade consensus – the trade chose to reflect his by selling Mpls Wheat (down 11-11 ½ cents) while buying Chgo (up 5 ½-5 ¾ cents) and KC (up 6 ¼-6 ½) against it – The increase in Spring wheat acres will go quite far in offsetting any shortfall in the HRW production
Quarterly Hog and Pig Report
The trade got pretty much what they were expecting – has this set the stage for a “sell the rumor /buy the fact” scenario given the oversold state of the market? How much the Chinese import sanctions hang over the market remains to be seen.
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.