USDA dropped soybean acres and increased exports. StoneX Group Chief Commodities Economist Arlan Suderman says that “leaves very little margin for error with production problems in South America.” The Agriculture Department cut 700,000 acres from the planted and harvested acres. “The trade really didn’t have any good leanings on that. Farmer certifications have been slower with COVID precautions and we haven’t had confidence in FSA numbers to be able to make the assumptions USDA had coming out in this report.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.