AM Comments 02/19/15
Thursday, February 19, 2015, 8:02 AM
Submitted by: Dustin Weiner
The markets were calm last night, trading steady to a little bit lower – but that quickly changed this morning after news started to be released from the USDA’s Ag Outlook conference. They are projecting corn acres this spring to be at 89.0 million (down 1.8% from last year) and they are projecting bean acres this spring at 83.5 million (down just a shade from last year). That bean acreage number is the surprise – and it is the reason for the quick pop higher we saw in our futures markets. Many analysts has soybean acres in the 87/88 million range, so that is a shock to some.
Other than that – looks like a quiet day. The export sales report is delayed until tomorrow because of the holiday Monday. There will be weekly ethanol production numbers released later today that could move the corn market around a touch, but nothing too wild. With crude oil down over $2 today, rallies could be limited…
Corn steady to 2 cents lower
Soybeans 3 to 6 cents higher
Have a great day!