Market Perspective

The USDA’s Grain Stocks and Planting Intentions Report, which came out last Friday, was quite a shock to the market. After all the excessive rains the Midwest and corn belt experienced this spring, causing flooding and planting delays, the question was how many acres were lost. Well the answer, according to the report, was none. In fact acres were gained. Corn acres came in at 97.38 million vs. 97.28 million in the March 1st Stocks report. That represents the highest corn acreage since 1936. The market had been expecting a 2- to3-million-acre reduction. Wheat acres came in at 56.5 million – ab...