USDA’s quarterly stocks and acreage report is mostly neutral. Stewart-Peterson Senior Market Advisor Brian Doherty says the corn acres could be the big surprise. “The March number was 88.03 million acres. Last year’s was 90.17 and with good prices for beans in the window that we thought would attract bean acres, it looks like it magically attracted corn acres. Corn is 89.13 million acres. So there’s a little bit of surprise is that corn acres it’s about in the area of 800,000 acres more than expected.” Doherty is also surprised with spring wheat acres. In Friday’s acreage report, USDA says U.S. spring wheat acreage is at 13.2 million acres, an increase of 2.2 million acres from last year.
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