Thursday’s USDA report showed unchanged U.S. corn stocks from last month, soybean stocks up 15 million bushels and wheat stocks down 10 million from last month.
“The largest changes came in the world numbers,” said Merrill Crowley, owner of Crowley Commodities in Watseka.
USDA increased expectations for South American production – mainly in Brazil. They added 122.85 million bushels to world corn stocks, 89.67 million to world soybean stocks and 49.24 million to wheat stocks.
“All of the world stocks were slightly higher than trade expectations,” Crowley said.
The end of the month planting intentions and acreage report will likely be a market mover, according to Crowley. We are starting to hear talk of expanded acres in the Dakotas.
“We don’t usually see a very big change in acres regardless of price in the Corn Belt. If we’re going to increase the bean acres, we are going to have to see it in places like the Dakotas and Kansas.”
Something else to take note of in Crowley’s opinion is the dryness taking place around the U.S. currently.
Crowley Commodities can be reached at 815-432-2220.