The USDA planting intentions and stocks reports didn’t bring huge market-moving numbers to the trade, but Total Farm Marketing Market Advisor John Heinberg says the data did have some impact. Corn acres were friendly to the market coming in on the low end of expectation. Grain stocks were about 80 million bushels lighter than anticipated which also helped support corn. Heinberg says wheat was within expectations but had some bearish news. Soybean acres were also within expectations however stocks were up slightly from the last report which meant some bearish movement. Wheat stocks were slightly higher as well, likely due to some export cancellations and a lack of shipments. “Now we’re going to start shifting things back to the weather side of the equation in the U.S.” said Heinberg. “The planting window is coming.”
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