News & Publications
April 4, 2023 |
Top takeaways: USDA’s acreage and stocks reports
The March 31 USDA Grain Stocks and Prospective Plantings reports were bullish for soybeans, supportive for old-crop corn, but bearish for new-crop corn.
As highlighted in recent writings, the potential for significant (and unpredictable) price swings exists with the release of the USDA Prospective Plantings and Grain Stocks reports and more surprises were seen this year.
Starting with beans, the USDA pegged March 1 stocks at 1.685 bbu, which was sharply below the average trade estimate of 1.728. Early ideas are that the lower-than-expected stocks total implies that the USDA overestimated the 2022 U.S. soybean crop.
