At 11 AM, the USDA released their estimates on perspective planting for U.S. acres.
For corn acres, they are projecting 92.8 million acres. This is up about 4 % from last year, or an additional 3.66 million acres. This compares with and average estimate of 91.3 million in a range of 89.13 to 90.17.
For soybeans, they estimate 84.6 million acres, down 5% from last year. The average trade estimate was 86.17 in a range of 84.26 to 88 million acres.
Both of these are somewhat of a surprise, with corn above the range, and beans below the range.
For the March 1 stocks, USDA is estimating 8.6 billion corn on hand in the U.S. The average estimate was 8.335 in a range of 7.62 to 8.80 billion.
For soybeans, stocks on hand as of March 1 are estimated at 2.72 billion bushels. Average estimate was 2.095 with a range of 2.095 to 2.797.
So, both of these are in the upper end of the range.
As of about 11:20, Old Crop corn is down about 12 cents, New Crop down about 9.
Old and New Crop beans are unchanged to down 2.
Definitely a bearish report for corn, and fairly neutral all in all for soybeans.
PLEASE NOTE: Our grain policy is changing effective April 1st. The change will be with regard to free time for a delivery. For any new delivery started on or after April 1st, you will have 15 days to make a decision about disposition. These 15 days will also apply to the amount of time allowed for averaging loads on that delivery. On day 16, any open contracts will be filled and the balance of the grain will be automatically placed on open storage unless other arrangements have been made by the 15th day. This change will help the cooperative be more efficient transferring grain throughout the year, and especially during Harvest.