Prices bolted higher following the March 31 acreage report surprise of lower-than-expected intended plantings of 91.144 million corn and 87.600 million beans. The quarterly grain stocks part of that report was within expected ranges. Next up was the April 9 WASDE report, which reduced corn ending stocks this year to 1.35 billion bushels. Small increases were made to all three primary corn demand sectors- exports, feed, and ethanol.
Soybean ending stocks were left unchanged at 120 million bushels. The next WASDE report will be on May 12 and that will also be the first reveal of the 2021-2022 balance sheets, which could also be bullish because planted acreage will start with the lower figures released on March 31. Needless to say, the market will remain edgy until solid northern hemisphere production is confirmed later this summer. Potential headwinds are COVID strain resurgence and further ASF spread in China’s swine herd.