USDA’s June acreage report was more in-line with historical averages. “U.S. corn acres came in at 92.7 million acres, less than the average trade estimate. Soybean acres came in at 87.6 million acres, more than one million acres less than the estimate. The wheat number came in at 46.7 million acres, another surprise,” said Naomi Blohm, senior market advisor, Total Farm Marketing. “This report gives us firm footing on the charts.” Blohm anticipates the grain markets will continue moving higher. “Bottom line, I think the grain trade knows it’s not a record U.S. crop out there for corn and soybeans. It’s going to be below the USDA number, keeping us supported overall. We’ll see end users trying to buy as much as they can. We’ll have more volatility, but this sets the stage for prices to stay firm going into 2022.”
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