Grain Markets Brace for Upset Amidst USDA Reports and Delayed Seedings
The USDA's Prospective Plantings report estimates that corn plantings will increase by 4% from last year to 91.99 million acres, while soybean plantings will remain relatively unchanged at 87.51 million acres. The Grain Stocks report shows that corn and soybean stocks are down from last year, with corn stocks at their lowest in nine years and soybean stocks at their lowest in six years. All wheat planted area is estimated to increase by 9% from last year to 49.85 million acres, with winter wheat planted area up 13% from last year.