Advance Trading market analyst Brian Basting says it’s not too early to be thinking about the USDA’s acreage report in June. “Most traders are looking at the probability of more corn acres than the USDA was forecasting in March. We had a good planting season and prices remain attractive for new crop corn, despite the recent sell-off,” says Basting. “The question the trade is asking is what will soybean acres do? I think there is potential for more acres there, but there is only a limited amount of acreage to be planted. What will the distribution be? The corn to soybean distribution ratio has swung wildly in the last month.” The USDA acreage report will be released on Wednesday, June 30.
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