No Big Surprises in USDA Stock Report Released Monday

Coming into this USDA Stocks Report there was an expectation of an increase in quarterly corn stocks and there wasn't an increase there. Money Farm's Mike Krueger shares the following about the wheat stocks number was a little larger than expected but not enough to make a difference.

Krueger: "Wheat quarterly stocks number came in at 1.060 billion bushels. If you look at the average trade guess that is about 18 million bushels above that. That compares to year ago stocks number of 1.235 billion bushels — so certainly less wheat on hand in this country than a year ago at this time. I think if there was a surprise — and there really isn't — but were a few people — and I was among those — who thought we may see a slightly smaller wheat stocks number just because the January wheat quarterly wheat stocks number reflected almost zero feed usage for wheat for the previous quarter. But nonetheless they didn't do that — they left the number pretty much close to the range of estimates."

Krueger shares spring wheat acreage intentions.

Krueger: "Other spring wheat acres, they are guessing 12.009 million acres and that is about 250,000 below what the average trade guess was. It is about 450,000 acres above last year's other spring. Now other spring wheat is just not hard red spring wheat, it includes some white spring other planted out in the PNW but the majority of it is considered hard red spring wheat."