By Doug Tenney, Leist Mercantile
Shock and awe with acres numbers today. Corn bearish, soybeans bullish. USDA did it again, it’s called a surprise!
At a time when traders, producers, and end users are starving for information on acres and yield, today’s acres report falls far short. There is a vast amount of irony today due to what many have expected and what the numbers should reveal but likely won’t.
The corn acres were 91.7 million acres while soybean acres were 80 million acres. Shortly after the report corn was down 11 cents, soybeans were up 12 cents.
Shortly before the report, corn was up 2 cents, soybeans up 4 cents, wheat up 1 cent. The average corn acres estimate was 86.7 million acres with a range of 82 to 89.8 million acres. The average trade estimate for soybean acres was 84.4 million acres with a range of 81 to 86.5 million acres.