The June quarterly stocks and planting report from USDA typically includes some type of big surprise, but Friday's report was different - resulting in only small surprises.
This included 534,000 more corn acres than the trade was expecting. The number was toward the high side of guesses. Another small surprise included spring wheat plantings at 13.2 versus the 12.4 which was expected. This had Minnesota wheat closing mixed while Kansas and Chicago wheat were sharply higher due to crop losses in Russia, France and the United Kingdom from adverse weather. The low amount of prevent plant acres was the third surprise.
"We still have a lot of weather to go and any adverse change could push the market higher," notes Merrill Crowley with Midwest Market Solutions in Watseka.
Current conditions ratings indicate a great crop. Also, the trade war could end and that would boost prices.
Markets close for the Independence Day holiday at noon on Tuesday (July 3) and reopen at 8:30 a.m. Thursday (July 5). The next USDA report is July 12 and any acreage update is not likely until the Aug. 10 report.
Midwest Market Solutions can be reached at 815-432-2220.