StoneX Chief Commodities Economist Arlan Suderman says the wheat acreage number was the biggest surprise on crop report day. “A big decline there, especially in winter wheat acres, which you’d expect to be pretty well set by now, but USDA losing a million acres of wheat, which helped support wheat prices.” Despite widespread reports this spring of farmers switching corn acres to soybeans, USDA left corn planted acreage unchanged from its March estimate. “We saw December corn up above $5, and the fact that many people already had fertilizer locked in, really helped secure those acres.”
